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 - 1.4530

By: Dmitriy Chernovolov

  • GBP/CHF completed primary ABC correction ②
  • Next buy target - 1.4530

GBP/CHF recently reversed up sharply from the strong support zone lying between the lower daily Bollinger Band and the support level 1.4230 (which also previously stopped the second intermediate correction (2) in June of 2015, as you can see below). The upward reversal from the support level 1.4230 stopped the earlier sharp intermediate (C)-wave – which belongs to the extended primary ABC correction ② from last August.

GBP/CHF is likely to rise further in the active impulse waves 1 and (1) toward the next buy target at the next resistance level 1.4530 (previous strong multi-month support from last October).

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