CADCHF Analysis 04 November, 2020

• CADCHF reversed from resistance area

• Likely to fall to 0.6850                                                                                           

CADCHF recently reversed down from resistance area made out of the resistance level 0.6970 (top of wave (b)), upper daily Bollinger Band and the resistance trendline of the daily down channel from July.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Doji.

CADCHF is likely to fall further toward the next support level 0.6850 (intersecting with the lower trendline of the daily down channel from July).