Technical analysis

CADCHF Wave Analysis 7 September 2023

– CADCHF reversed from resistance level 0.6550

– Likely to fall to support level 0.6480

CADCHF currency pair recently reversed down from the pivotal resistance level 0.6550 (which has been repeatedly reversing the pair from the start of August), intersecting with the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from July.

The downward reversal from the resistance level 0.6550 stopped the previous short-term correction 2.

Given the strong daily downtrend, CADCHF can be expected to fall toward the next support level 0.6480 (which has been reversing the price from May).

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