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 falling inside sharp impulse wave

  • CHF/JPY falling inside sharp impulse wave
  • Next sell target - 102.20

CHF/JPY continues to fall inside the sharp intermediate impulse wave (3), which began previously – when the pair reversed down from the resistance zone lying between the resistance levels 107.70 (earlier buy target set in our previous forecast for this currency pair) and 109.00. This resistance zone was strengthened by the upper resistance trendline of the sharp daily down channel from March.

CHF/JPY is expected to fall further in the active impulse waves (3) and ③ toward the next sell target at the powerful support level 102.20 (which stopped the previous waves (1) and B).

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