Technical analysis

CADCHF Wave Analysis – 05 August, 2021

• CADCHF reversed from support zone

• Likely to rise to resistance level 0.7285

CADCHF currency pair recently reversed up from the support zone lying between the strong support level 0.7185 (previous monthly low from July) and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line.

Given the strength of the aforementioned support zone – CADCHF can be expected to rise further toward the next resistance level 0.7285 (top of the previous correction B).

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