CAD/CHF Down 2 Pips in Last Hour, Came Into Today Down For the 2nd Consecutive Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated October 5, 2020 16:23 GMT)

Currently, CADCHF’s rate is down -0.0002 (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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 and 10 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 20, 50, 100 and 200 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 down 1 pips (0.01%) since yesterday (opening today near 0.6911), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, CADCHF ranked 16th yesterday in terms of percentage price change. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADCHF crossed below its 20 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 1.9 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADCHF, with 7 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.