- 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.