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.

AUD/CHF: sell target – 0.7200

By: Dmitriy Chernovolov

  • AUD/CHF falling inside impulse wave ③
  • Next sell target – 0.7200

AUD/CHF recently reversed down from the major resistance level 0.7540 (which stopped the previous intermediate (A)-wave of the earlier primary ABC correction, as can be seen from the daily AUD/CHF chart below). The latest downward reversal from the reversal level 0.7540 stopped the primary ABC correction ② from August. The resistance zone near the resistance level 0.7540 was further strengthened by the upper daily Bollinger Band.

AUD/CHF is currently approaching the support level 0.7300. If the price breaks below this support level - the pair can then fall further in the active impulse wave ③toward the next sell target at the support level 0.7200.

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