CAD/CHF: sell target - 0.7250
By: Dmitriy Chernovolov
- CAD/CHF falling inside minor impulse wave 3
- Next sell target - 0.7250
CAD/CHF continues to fall inside the 3rd minor impulse wave 3 from the start of this month. This impulse wave started earlier – when the pair reversed down from the resistance zone lying between the resistance level 0.7440 (which also previously reversed the (a)-wave of the preceding ABC correction 2), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp downward impulse wave 1 from May.
Having recently broken the daily up channel from August - CAD/CHF can be expected to fall further toward the next sell target at the support level 0.7250 (which reversed previous (b)-wave in September).