CADCHF Up 9 Pips in Last Hour, 3 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 13, 2021 11:15 GMT)

Currently, CADCHF’s rate is up 9 pips (0.13%) 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. 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 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 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)

A moment of silence, please, for the end of CADCHF’s 3 day down streak; price ended the day prior up 3 pips (0.04%) to finish the day at a rate of 0.72412. Out of the 39 instruments in the Forex asset class, CADCHF ended up ranking 17th for the day in terms of price change. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

The first thing we should note is that 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 20 day average, which is 4.4 pips away. Volatility for CADCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days CADCHF’s price has gone down 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!