We have developed a new original technique to study the magnetization reversal dynamics of thin films with element selectivity in the nanosecond time scale. X-ray magnetic circular dichroism measurements in pump-probe mode are carried out taking advantage of the time structure of synchrotron radiation. The dynamics of the magnetization reversal of each of the layers of complex heterostructures (like spin valves or tunnel junctions) can be probed independently. The interlayer coupling in the studied systems has been shown to play a key role in the determination of the magnetization reversal of each individual layer.