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 targets – 1.3900 and 1.4000

By: Dmitriy Chernovolov

  • GBP/CHF reversed from strong support level 1.3740
  • Next buy targets – 1.3900 and 1.4000

GBP/CHF recently reversed up from the strong support level 1.3740 (which also previously stopped the earlier intermediate (A)-wave of the primary ABC correction ② from the middle of December). The upward reversal from this support level stopped the previous minor impulse wave 3, which belongs to the (C)-wave from the middle of this month.

Given the oversold reading on the daily Stochastic indicator and the bullish divergence on the daily RSI indicator - GBP/CHF can be expected to rise further from the current levels toward the next buy target at the resistance levels 1.3900 and 1.4000.

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