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.

GBP/CHF: buy target - 1.4900

By: Dmitriy Chernovolov

  • GBP/CHF reversed from powerful support level 1.4600
  • Next buy target - 1.4900

GBP/CHF continues to rise after the recent upward reversal from the powerful support level 1.4600 (which earlier reversed waves (A) and ② in August and October respectively). The support zone near the support level 1.4600 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci Correction of the previous upward price move from May. The latest upward reversal from 1.4600 stopped the C-wave of the previous ABC correction (2).

GBP/CHF is likely to rise further in the next intermediate impulse wave (3) toward the next buy target at the resistance level 1.4900.

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