Technical analysis

CADCHF Wave Analysis – 3 May, 2022

CADCHF Wave Analysis – 3 May, 2022

• CADCHF reversed from resistance level 0.7620
• Likely to fall to support level 0.7535

CADCHF currency pair today reversed down from the key resistance level 0.7620, standing near the upper daily Bollinger Band and the resistance trendline of the daily up channel from February.

The downward reversal from resistance level 0.7620 stopped the previous short-term impulse waves (iii) and 3.

Given the strength of the resistance level 0.7620 and the bearish divergence on the daily Stochastic – CADCHF currency pair can be expected to fall further toward the next support level 0.7535.

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