CADCHF Wave Analysis – 13 March, 2020

• CADCHF reversed from support area
• Likely to rise to 0.6900

CADCHF recently reversed up strongly from the support area located between the long-term support level 0.6800 (which stopped the previous sharp downtrend at the start of 2016) and the lower weekly Bollinger Band.

The upward reversal from this support area is set to create the weekly Japanese candlesticks reversal pattern Hammer.

With the oversold weekly RSI – CADCHF is likely to rise further toward the next round resistance level 0.6900 (intersecting with the lower trendline of the weekly down channel from the start of 2018).