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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.

NZD/CHF: buy target - 0.7000

By: Dmitriy Chernovolov

  • NZD/CHF reached buy target 0.6800
  • Next buy target - 0.7000

NZD/CHF continues to rise after the recent breakout of the resistance level 0.6800, which was set in our earlier forecast as the buy target for this currency pair. The breakout of this resistance level is likely to accelerate the active minor impulse wave 3, which belongs to the intermediate (C)-wave of the primary ABC correction Ⓑ from the end of August, as you can see below.

The breakout of the resistance level 0.6800 coincided with the breakout of 61.8% Fibonacci Correction of the previous downward impulse from April. NZD/CHF is likely to rise further in the direction of the next buy target at the round resistance level 0.7000.

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