FxPro analyst said that CADCHF recently reversed up from the support area lying between the long-term support level 0.7250 (which previously reversed the price twice in March) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the previous short-term downward impulse wave 3 from the start of October.
Given the oversold reading on the daily Stochastic indicator – CADCHF is expected to rise further and re-test the next resistance level 0.7320 (former strong support from September).
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