Technical analysis

CADCHF Wave Analysis – 15 July, 2020

CADCHF Wave Analysis – 15 July, 2020

• CADCHF reversed from support zone

• Likely to rise to 0.7000

CADCHF today reversed up from the support zone located between the pivotal support level 0.6900 (which has been reversing the price from May), lower daily Bollinger band and the 50% Fibonacci correction of the previous impulse wave (1).

The upward reversal from this support zone stopped the previous medium-term ABC correction (2).

Given the strength of the bearish Swiss franc sentiment seen today – CADCHF is likely to rise further toward the next round resistance level 0.7000.

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