Technical analysis

CADCHF Wave Analysis – 31 December, 2019

CADCHF Wave Analysis – 31 December, 2019
  • CADCHF approached support area
  • Likely to rise to 0.7485

CADCHF is currently trading close to the key support area lying between the support level 0.7400 (which stopped the previous impulse wave (1)), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous ABC correction from August to November.

The price earlier reversed up sharply from the support level 0.7400 – signalling the strength of this price level.

CADCHF is likely to correct up from the current levels toward the next resistance level 0.7485 (top of the previous waves 2 and (ii)).

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