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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 broke daily up channel

  • GBP/CHF broke daily up channel
  • Next sell target - 1.4000

GBP/CHF continues to fall – after the earlier breakout of the support trendline of the daily up channel from April. The breakout of this up channel is expected to accelerate the (c)-wave of the active minor corrective wave 2 – which started recently - when the price reversed down from the resistance zone lying between the resistance level 1.4600, upper daily Bollinger Band and the resistance trendline of the recently broken daily up channel from April (as can be seen from the daily GBP/CHF chart below).

GBP/CHF is expected to fall further toward the next sell target at the round support level 1.4000 (forecast price calculated for the termination of the active ABC correction 2).

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