Technical analysis

CADCHF Wave Analysis – 22 November, 2021

CADCHF Wave Analysis – 22 November, 2021

• CADCHF reversed from support area

• Likely to rise to resistance level 0.7415                                                                  

CADCHF recently reversed up from the support area located between the key support level 0.7325 (which has been repeatedly reversing the price from the start of November), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse 1 from the middle of August.

The upward reversal from this support area stopped the earlier minor corrective wave (b).

Given the strength of the support level 0.7325, CADCHF can be expected to rise further toward the next resistance level 0.7415 (top of wave (a)).

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