CAD/CHF Down 0 Pips On Hourly Chart, Moves Up For the 7th Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 3, 2022 1:38 GMT)

At the time of this writing, CADCHF’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADCHF has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. 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 is up 12 pips (0.16%) since the previous day (opening today near 0.7616), marking the 7th day in a row it has gone up. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 21st in terms of percentage change since the previous day. Below is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Coming into today CADCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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 14 days CADCHF’s price has gone up 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADCHF, with 2 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The trade is trending towards the upside on higher time frames, with a push > exhaustion scenario on the 4-hourly time frame and a bullish engulfing candlestick developing with a nice bounce of MA 20, suggesting bullish power in the market. Hedge funds are indicating buying power for CAD while CHF is being sold off. There is not much news today that might have a huge impact on the trade.