Technical analysis

CADCHF Wave Analysis – 25 June, 2019

CADCHF Wave Analysis – 25 June, 2019
  • CADCHF reversed from support area
  • Further gains are likely

CADCHF recently reversed up sharply from the support area lying between the multi-month support level 0.7380 (which has been reversing the price from January), 61.8% Fibonacci correction of the upward move from December and the lower daily Bollinger Band.

The upward reversal from this support area stopped the active short-term impulse wave 3 from the end of April.

Given the bullish divergence on the daily Stochastic indicator – CADCHF is expected to rise further and retest the next resistance level 0.7450.

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