Technical analysis

CADCHF Wave Analysis – 17 July 2023

– CADCHF reversed from support level 0.6495

– Likely to rise to resistance level 0.6600

CADCHF currency pair recently reversed up from the powerful support level 0.6495 (previous monthly low from April and May) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 0.6495 stopped the previous impulse wave C of the intermediate ABC correction (B) from last month.

Given the strength of the support level 0.6495, CADCHF can be expected to rise further toward the next resistance level 0.6600.

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