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 - 0.7500

By: Dmitriy Chernovolov

  • CAD/CHF broke resistance level 0.7330
  • Next buy target - 0.7500

CAD/CHF recently broke above the resistance level 0.7330 (which reversed the previous upward impulse in January, as can be seen from the weekly CAD/CHF chart below). The breakout of this resistance level is likely to accelerate the active minor correction (ii) – which started earlier – when the price reversed up from the support zone lying between the support levels 0.7000 and 0.6840 (which has been reversing the price from the start of 2015 as can be seen below).

CAD/CHF is likely to rise further toward the next buy target at the resistance level 0.7500 (forecast price for the completion of the active minor correction (ii)).

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