Technical analysis

CADCHF Wave Analysis 23 October 2023

– CADCHF reversed from support level 0.6480

– Likely to rise to resistance level 0.6550

CADCHF currency pair recently reversed up from the powerful support level 0.6480 (which has been reversing the pair from July) coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 0.6480 stopped the previous sharp downward impulse wave 3.

Given the strength of the support level 0.6480 and the oversold daily Stochastic, CADCHF can be expected to rise further toward the next resistance level 0.6550.

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