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 - 0.7470

By: Dmitriy Chernovolov

  • AUD/CHF reached buy target 0.7400
  • Next buy target - 0.7470

AUD/CHF continues to rise – following the earlier breakout of the resistance level 0.7400, which was set in our previous forecast as the buy target for this currency pair. The breakout of this resistance level continues the active minor impulse wave (iii) – which belongs to the sharp intermediate (C)-wave from the end of September, which recently broke the resistance zone surrounding the pivotal resistance level 0.7300.

AUD/CHF is likely to rise further in the active waves (iii) and C toward the next buy target at the resistance level 0.7470 (which reversed the price twice in May, as you can see from the daily AUD/CHF chart below). Buy stop-loss can be placed below the support level 0.7400.

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