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/СHF: buy target - 1.4000

By: Dmitriy Chernovolov

  • GBP/СHF reversed from strong support zone
  • Next buy target - 1.4000

GBP/СHF continues to rise after the earlier upward reversal from the strong support zone surrounding the long-term support level 1.3800 (which also previously reversed the earlier intermediate ABC correction (2) in May of 2015, as can be seen from the daily GBP/СHF chart below). This support zone was further strengthened by the lower daily Bollinger Band.

Given the strength of the support zone near 1.3800 - GBP/СHF can be expected to rise further from the current levels toward the next buy target at the round resistance level 1.4000 – the breakout of which can lead to further gains toward 1.4150.

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