266
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: buy target - 0.7950

  • CAD/CHF reversed from support level 0.7600
  • Next buy target - 0.7950

CAD/CHF recently reversed up sharply from the strong support level 0.7600 (this price level is the former resistance level and the previous buy target set in our earlier forecast for CAD/CHF - acting as support now after it was broken in February, as you can see below). The support zone near 0.7600 was strengthened by the 38.2% Fibonacci Retracement of the previous sharp intermediate corrective wave (2) from the major support level 0.7130. The upward reversal from this support area created the weekly Japanese candlestick reversal pattern – Morning Star Doji.

CAD/CHF is likely to rise further toward the next buy target at the resistance level 0.7950 (top of the previous intermediate wave (2)). Strong support remains at 0.7600.

 

CAD
Scroll to top