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 approached support level 0.7420

  • CAD/CHF approached support level 0.7420
  • Next sell target - 0.7360

CAD/CHF has been falling steadily in the last few trading sessions – following the earlier downward reversal from the resistance zone lying between the resistance level 0.7600 (previous buy target set in our earlier forecast for this currency pair), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from April.

The pair is currently trading close to the support level 0.7420 (low of the previous (b)-wave). If the price breaks below the support level 0.7420 - CAD/CHF can then fall further to the next sell target at the pivotal support level 0.7360 (low of the previous impulse wave 1).

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