Categories: Technical analysis

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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: CADCHF

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