CADCHF Wave Analysis – 14 November, 2022

• CADCHF reversed from support level 0.7100

• Likely to rise to resistance level 0.7200

CADCHF recently reversed up from the key support level 0.7100 (which stopped the sharp downtrend in September), standing near the lower daily Bollinger Band.

The upward reversal from the support level 0.7100 stopped the earlier short-term impulse wave 3.

Given the oversold reading on the daily Stochastic, CADCHF can be expected to rise further toward the next resistance level 0.7200.