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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 reversed from pivotal resistance level 0.7720

By: Dmitriy Chernovolov

  • CAD/CHF reversed from pivotal resistance level 0.7720
  • Next sell target - 0.7600

CAD/CHF recently reversed down sharply from the strong pivotal resistance level 0.7720 (which stopped the previous primary ABC correction ② at the end of last November, as you can see from the daily CAD/CHF chart below). The resistance zone near the resistance level 0.7720 was strengthened by the upper daily Bollinger Band. The downward reversal from 0.7720 stopped the earlier minor C-wave of the intermediate ABC correction (2) from January.

Considering the strength of the resistance level 0.7720 and the overbought reading on the daily Stochastic indicator - CAD/CHF is likely to fall further toward the next sell target at the support level 0.7600.

CAD
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