CAD/CHF Down 0 Pips in Last Hour, 3 Day Up Streak Broken; Breaks Below 50 Day Average

Hourly Update

(Last Updated September 8, 2021 1:45 GMT)

Currently, CADCHF’s rate is down 0 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CADCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADCHF, which opened today priced near 0.72706, is down 31 pips 0.42% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. Out of the 39 instruments in the Forex asset class, CADCHF ended up ranking 36th for the day in terms of price change. Below is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADCHF crossed below its 50 day moving average yesterday. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 9.5 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days CADCHF’s price has gone up 5 them.