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 key support level 1.2860

  • GBP/CHF broke key support level 1.2860
  • Next sell target - 1.2600

GBP/CHF recently reversed down sharply from the resistance zone lying at the intersection of the resistance level 1.3200 and the 23.6% Fibonacci retracement level of the earlier sharp downward impulse from the end of June. The downward reversal from this resistance zone completed the previous minor correction 4 of the active intermediate impulse wave (C) from the end of May.

GBP/CHF today broke below the key support level 1.2860 (which stopped the previous minor impulse wave 3). The breakout of this support level follows the earlier breakout of the wide daily down channel from December. GBP/CHF is likely to fall further to the next sell target at the support level 1.2600.


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