CADCHF Technical Analysis Report 04 November, 2020

  • CADCHF under bearish pressure
  • Likely to fall to 0.6880

CADCHF under bearish pressure today following the earlier downward reversal with the daily Doji from the resistance lying between the key resistance level 0.6965 (which formed the top of the previous correction (b) last month), upper daily Bollinger Band and the resistance trendline of the long-term Triangle from the start of this year. The downward reversal from this resistance area stopped the previous short-term impulse wave 3.

Given the moderately bullish Swiss franc sentiment seen across the markets today – CADCHF is expected to continue to fall further toward the next support level 0.6880 (intersecting with the lower trendline of the aforementioned Triangle).

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