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 - 0.7320

By: Dmitriy Chernovolov

  • CAD/CHF reversed from round support level 0.7000
  • Next buy target - 0.7320

CAD/CHF recently reversed up sharply from the strong round support level 0.7000 (which also earlier reversed the sharp (A)-wave in January). The upward reversal form this support level created the strong daily Japanese candlesticks reversal pattern Morning Star (standing outside the lower daily Bollinger Band – which strengthened this bullish signal).

 With the daily RSI still close to the oversold area - CAD/CHF can be expected to rise further in the active minor corrective wave (iv) toward the next buy target at the resistance level 0.7320 (former support level which stopped earlier impulse wave (i) in July).

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