The CADCHF pair hit for the second time in 7 days the 1 year Support Zone that has been holding since the August 20 2021 Low. This Zone has provided three rebounds in total. At the same time the price is near the bottom of the Channel Down pattern that started after the June 09 High and its 1D RSI is on a similar bullish divergence such as the previous Lower Low on June 24.
The common parameter on all the above rebounds is that they hit at least the 1D MA50 (blue trend-line). That is our target on the short-term.
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