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 reversed from support zone

  • GBP/CHF reversed from support zone
  • Next buy target - 1.3000

GBP/CHF recently reversed up from the powerful support zone lying between the support levels 1.2600 (previous sell target set for this currency pair) and 1.2700 (low of the earlier sharp downward C-wave from the start of 2015). The upward reversal form this support zone stopped the earlier minor impulse wave 3, which belongs to the intermediate (C)-wave from the end of 2015.

Given the clear bullish Stochastic divergence that can be seen on the weekly GBP/CHF chart –the pair is likely to rise further from the current levels toward the next buy target at the resistance level 1.3000.

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