Technical analysis

CADCHF Wave Analysis – 4 June, 2019

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).

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