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 broke daily down channel

By: Dmitriy Chernovolov

  • AUD/CHF broke daily down channel
  • Next buy target – 0.7540

AUD/CHF continues to rise inside the minor impulse wave 3 – which earlier broke the resistance level 0.7300 and the upper resistance trendline of the daily down channel from the start of March. The active impulse wave 3 started earlier this month - when the pair reversed up from the support zone lying between the support level 0.7200, lower daily Bollinger Band, 50% Fibonacci correction of the previous impulse wave 1 and the support trendline of the aforementioned down channel.

AUD/CHF is likely to rise further in the active impulse wave 3 toward the next buy target at the strong resistance level 0.7540 (which stopped the earlier waves (A) and 1, as can be seen below).

Scroll to top