• CADCHF reversed from support area
• Likely to rise to resistance level 0.7465
CADCHF continue to rise strongly after the price reversed up from the support area lying between the key support level 0.7370 (former resistance from April), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse (1) from the middle of April. The upward reversal from this support area created the daily bullish Engulfing – which started the active medium-term impulse wave (3).
Given the clear daily uptrend and strongly bearish Swiss franc sentiment – CADCHF can be expected rise further toward the next resistance level 0.7465 – which has been steadily reversing the price from the middle of May.