CADCHF Wave Analysis – 4 June, 2019

CADCHF reversed from support area
Further gains are likely

CADCHF recently reversed up from the support area lying between the key support level 0.7380, lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous upward impulse from December.

The upward reversal from this support area stopped the earlier impulse waves 3 and (iii).

Given the oversold daily Stochastic – CADCHF is expected to rise further and retest the next resistance level 0.7430 (previous monthly low from May).

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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