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 - 0.7700

By: Dmitriy Chernovolov

  • CAD/CHF broke pivotal resistance level 0.7560
  • Next buy target - 0.7700

CAD/CHF continues to rise– following the earlier sharp breakout of the resistance zone lying at the intersection of the pivotal resistance level 0.7560 (which has been reversing this currency pair from the start of August) and the 61.8% Fibonacci correction of the previous intermediate (C)-wave from the end of April. The breakout of the resistance level 0.7560 is likely to accelerate the active minor impulse wave 3 – which belongs to the sharp (C)-wave of the primary ABC correction Ⓑ from the end of August.

CAD/CHF is likely to rise further to the next buy target at the next resistance level 0.7700. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the support level 0.7560.

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