CADCHF Wave Analysis – 17 July, 2020

• CADCHF reversed from resistance area

• Likely to fall to 0.6900

CADCHF recently reversed down from the round resistance level 0.7000 (which also stopped the previous correction (ii)) – standing near the upper daily Bollinger Band

The resistance area near the resistance level 0.7000 was strengthened by the former support trendline of the daily up channel from March (acting as resistance after it was broken earlier).

CADCHF is likely to fall further toward the next support level 0.6900 (which stopped the previous corrections (2) and A).