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 targets - 1.4400 and 1.4300

By: Dmitriy Chernovolov

  • GBP/CHF falling inside minor (b)-wave
  • Next sell targets - 1.4400 and 1.4300

GBP/CHF recently reversed down strongly from the resistance zone lying between the resistance level 1.4800, the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward A-wave from last November (as can be seen from the daily GBP/CHF chart below). The downward reversal from this resistance zone continued the active minor (b)-wave from the end of January.

GBP/CHF is likely to fall further in the active (b)-wave toward the next sell targets 1.4400 and 1.4300 (target price calculated for the termination of the (b)-wave).

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