CADCHF Wave Analysis 18 August 2023

– CADCHF reversed from support level 0.6480

– Likely to rise to resistance level 0.6550

CADCHF currency pair recently reversed up from the powerful support level 0.6480 (which has been reversing the price from May), coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 0.6480 is likely to form the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Given the strength of the support level 0.6480 and the oversold daily Stochastic, CADCHF can be expected to rise further toward the next resistance level 0.6550 (top of the previous correction 2).