ContourPlot[
Sin[x] Sin[y],
{x, -3, 3}, {y, -3, 3},
ContourStyle -> {Red, Dashed, Green},
ContourLabels ->
(Text[Style[#3,
Switch[#3,
-0.8 | -0.2 | 0.4, Red,
-0.6 | 0 | 0.6, Black,
-0.4 | 0.2 | 0.8, Green]],
{#1, #2}] &),
BaseStyle -> 18]
EDIT: If the pure Function using Slot designations is difficult to read, you can write this as
ContourPlot[
Sin[x] Sin[y],
{x, -3, 3}, {y, -3, 3},
ContourStyle -> {Red, Dashed, Green},
ContourLabels ->
Function[{x, y, contourValue},
Text[Style[contourValue,
Switch[contourValue,
-0.8 | -0.2 | 0.4, Red,
-0.6 | 0 | 0.6, Black,
-0.4 | 0.2 | 0.8, Green]],
{x, y}]],
BaseStyle -> 18]
EDIT 2: The default number of contour lines is nine. The contour lines will occur at function values of
lines = Module [{fmin = -1., fmax = 1., fdel},
fdel = (fmax - fmin)/10;
Range[fmin + fdel, fmax - fdel, fdel] // Chop]
(* {-0.8, -0.6, -0.4, -0.2, 0, 0.2, 0.4, 0.6, 0.8} *)
For a cycle of three colors, the groupings will be
With[{numberOfColors = 3},
Partition[lines, numberOfColors] // Transpose]
(* {{-0.8, -0.2, 0.4}, {-0.6, 0, 0.6}, {-0.4, 0.2, 0.8}} *)
This will obviously change for different function ranges, number of contours, and number of colors.