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 reversed from support area

  • CAD/CHF reversed from support area
  • Next buy target - 0.7480

CAD/CHF recently corrected up sharply from the support area lying between the pivotal support level 1.7350 (which reversed the previous waves (iii) and (b)), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the middle of February. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star – thereby marking the end of the previous ABC correction (2).

CAD/CHF is expected to rise further in the active intermediate impulse wave (3) toward the next buy target at the resistance level 0.7480.

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