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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 support zone

By: Dmitriy Chernovolov

  • CAD/CHF reversed from support zone
  • Next buy target - 0.7590

CAD/CHF has been rising in the last few trading sessions – following the earlier upward reversal from the support zone lying at the intersection of the pivotal support level 0.7440 (former resistance level from March, which also earlier reversed the pair in April) and the 61.8% Fibonacci correction of the previous sharp intermediate (C)-wave from last month. The upward reversal from the aforementioned support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

CAD/CHF is expected to rise further to test the resistance level 0.7590 (which reversed last week the earlier intermediate ABC correction (2)).

CAD
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