CAD/CHF Down 2 Pips in Last Hour; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 17, 2022 1:41 GMT)

At the moment, CADCHF’s rate is down -2 pips (-0.03%) from the hour prior. The hourly chart shows that CADCHF has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 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)

The choppiness in the recent daily price action of CADCHF continues; to start today, it came in at a price of 0.7081, down 23 pips (0.32%) since the previous day. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Below is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

The first thing we should note is that CADCHF is now close to its 50 day moving averages, which may act as price barrier for the asset. 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 171.4 pips away. The clearest trend exists on the 14 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.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADCHF, with 0 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello traders! ‼️ This is my analysis on CADCHF. Here we are in a bearish market structure from daily perspective, so I am looking for shorts. I expect price to make a retracement and then to reject from bearish orderblock + institutional big figure 0.73000.Like, comment and subscribe to be in touch with my content!