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 rising inside minor C-wave

  • CHF/JPY rising inside minor C-wave
  • Next buy target - 107.70

CHF/JPY continues to rise inside the minor C-wave of the intermediate ABC correction (4) from the end of June. The active C-wave started earlier this month – when the pair reversed up from the support level 102.20, which was set as the sell target in our earlier forecast for this currency pair. The price previously broke through the resistance level 105.70 (which stopped the earlier A-wave).

CHF/JPY is expected to rise further in the active C-wave toward the next buy target at the resistance level 107.70 (target price for the completion of wave (4), coinciding with the 38.2% Fibonacci correction of the previous shop downward impulse from March).


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