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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.

GBP/CHF: sell target - 1.4300

By: Dmitriy Chernovolov

  • GBP/CHF reversed from resistance area
  • Next sell target - 1.4300

GBP/CHF today reversed down strongly from the resistance area lying between the major resistance level 1.4540 (former strong support which reversed the earlier intermediate ABC correction (4) in October, as can be seen from the daily GBP/CHF chart below) and the 61.8% Fibonacci retracement of the previous intermediate (C)-wave of the primary ABC correction ② from the middle of November.

Given the strength of the aforementioned resistance area - GBP/CHF can be expected to fall further from the current levels toward the next sell target at the support level 1.4300. Strong resistance remains at 1.4540.

GBP
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