(Last Updated September 17, 2020 23:14 GMT)
Currently, CADCHF’s rate is up 1 pips (0.01%) from the hour prior. CADCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on CADCHF. Given that we see an uptrend on the 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 6 pips (0.09%) since the previous day (opening today near 0.68852), marking the 4th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, CADCHF ranked 28th the previous day in terms of percentage price change. Below is a price chart of CADCHF.
CADCHF Technical Analysis
Notably, the current price of CADCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 12.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 7 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADCHF, with 5 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 5, which is very 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; below is a short snippet from it to give you a taste.
Ascending ChannelTP 1 @ 0.6814TP 2 @ 0.6754Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!