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.

CAD/CHF rising inside minor correction

  • CAD/CHF rising inside minor corrective wave 2
  • Next buy target - 0.7600

CAD/CHF has been rising in the last few trading sessions inside the second minor corrective wave 2, which stared earlier - when the pair reversed up with the daily Morning Star from the support zone lying between the support levels 0.7420 (previous sell target) and 0.7350. This support zone was strengthened by the Fibonacci cluster made out of the 61.8% and 38.2% Fibonacci correction levels of the two previous upward impulses from April and February respectively.

CAD/CHF is likely to rise further to the next buy target at the resistance level 0.7600 (which reversed the previous intermediate ABC correction (2) in July, as can be seen below).

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