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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.

CHF/JPY broke support level 109.00

  • CHF/JPY broke support level 109.00
  • Next sell target - 107.00

CHF/JPY recently broke sharply through the support level 109.00 – which previously reversed the price sharply at the start of June as you can see from the daily CHF/JPY chart below. The breakout of this support level accelerated the active minor impulse wave 3, which belongs to the extended intermediate downward impulse wave (C) from May of last year.

CHF/JPY is expected to fall further to the next sell target at the support level 107.00 (forecast price calculated for the completion of the active minor impulse wave 3). Strong resistance now stands at 109.00.

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