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 targets - 0.7100 and 0.7150

By: Dmitriy Chernovolov

  • CAD/CHF reversed from round support level 0.7000
  • Next buy targets - 0.7100 and 0.7150

CAD/CHF continues to rise – following the earlier sharp upward reversal from the major round support level 0.7000 (which also previously reversed the price at the end of August with the daily Japanese candlesticks reversal pattern Morning Star, as you can see on the daily CAD/CHF chart below). The support zone near the support level 0.7000 was strengthened by the lower daily Bollinger Band.

CAD/CHF is likely to rise further from the current levels toward the next buy targets 0.7100 and 0.7150 (38.2% and 61.8% Fibonacci Correction levels of the previous sharp downward impulse from the start of January).

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