CADCHF Wave Analysis – 2 August, 2022

• CADCHF reversed from long-term support level 0.7375

• Likely to rise to resistance level 0.7450

CADCHF currency pair recently reversed up from the long-term support level 0.7375 (former resistance from January, which has been steadily reversing this pair from March).

The support zone near the support level 0.7375 was further strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the uptrend from December.

Given the oversold daily Stochastic, CADCHF currency pair can be expected to rise further in the next resistance level 0.7450.