Technical analysis

CADCHF Wave Analysis – 2 January, 2023

CADCHF Wave Analysis – 2 January, 2023

• CADCHF reversed from support level 0.6790

• Likely to rise to resistance level 0.6850

CADCHF recently reversed up from the key long-term support level 0.6790 (which has been reversing the price from the middle of 2020, as can be seen from the weekly CADCHF chart below).

The support area near the support level 0.6790 was strengthened by the lower weekly Bollinger band.

Given the oversold reading on the weekly Stochastic indicator, CADCHF can be expected to rise further toward the next resistance level 0.6850.

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