Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

AUD/CHF: buy target - 0.7400

By: Dmitriy Chernovolov

  • AUD/CHF reached buy targets 0.7130 and 0.7200
  • Next buy target - 0.7400

AUD/CHF has been rising strongly in the last few days inside the accelerated minor impulse wave (iii) – which belongs to the sharp C-wave from the end of September. The active impulse wave (iii) recently broke through the resistance levels 0.7130 and 0.7200 – both of which were set in our earlier forecast as the buy targets for this currency pair. The breakout of these resistance levels intensified the bullish pressure on AUD/CHF.

The price is currently trading close to the resistance level 0.7300 (top of previous wave (iv), intersecting with the resistance trendline of the daily up channel from August). If the pair breaks above 0.7300 - AUD/CHF can then rise to the next buy target 0.7400.

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