CAD/CHF: buy target - 0.7560
By: Dmitriy Chernovolov
- CAD/CHF broke resistance level 0.7440
- Next buy target - 0.7560
CAD/CHF continues to rise after the recent breakout of the resistance level 0.7440 (which reversed earlier (a)-wave of the active minor ABC correction 2 from the end of August). Wave 2 started previously – when the pair reversed up with the daily Morning Star from the strong round support level 0.7000. The active (c)-wave earlier broke the daily down channel from the start of September coinciding with the resistance trendline from April.
CAD/CHF is likely to rise further toward the next buy target at the resistance level 0.7560 (which reversed the previous minor correction (iv) at the start of August, as can be seen below).