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: Likely to correct up to 0.7230

By: Dmitriy Chernovolov

  • CAD/CHF moving inside intermediate (B)-wave
  • Likely to correct up to 0.7230

CAD/CHF has been falling sharply in the last few trading sessions inside the (B)-wave of the active primary ABC correction Ⓑ from the end of August. The active wave (B) recently broke the daily up channel from August and the support levels 0.7560, 0.7440 and more recently - 0.7230 (former strong support from September, which reversed previous B-wave, as you can see below).

CAD/CHF might correct up to test the recently broken price level 0.7230 (acting as resistance now after it was penetrated) - after which the pair is likely to fall further to the next sell target at 0.7100.

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