• CADCHF reversed from support zone
• Likely to rise to resistance level 0.7200
CADCHF currency pair earlier reversed up with the daily Japanese candlesticks reversal pattern Piercing Line from the support zone lying between the multi-month support level 0.7100 (which stopped wave (C) in August) intersecting with the lower daily Bollinger Band. The upward reversal from this support zone started the active intermediate impulse wave (3).
Given the strongly bullish Canadian dollar sentiment seen across the FX markets today, CADCHF currency pair can be expected to rise further toward the next resistance level 0.7200 (former strong support from September)