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 reached buy target 0.7590

  • CAD/CHF reached buy target 0.7590
  • Next buy target - 0.7720

CAD/CHF recently broke through the resistance level 0.7590 (which reversed the previous minor A-wave and which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 0.7590 is likely to accelerate the active minor C-wave of the intermediate ABC correction (2) from the start of May (which started when the pair reversed up from the support zone lying between the support level 0.7430 and the 61.8% Fibonacci retracement of the previous upward impulse (C) from April.

CAD/CHF is likely to rise to the next major resistance level 0.7720 (top of the previous waves (4) and ②, as can be seen from the daily CAD/CHF chart below).

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