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.