CADCHF Down 4 Pips On Hourly Chart; is Inching Close to 20 and 200 Day Averages

Hourly Update

(Last Updated November 19, 2020 2:16 GMT)

At the moment, CADCHF’s rate is down -4 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. 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. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. 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)

The choppiness in the recent daily price action of CADCHF continues; to start today, it came in at a price of 0.6963, up 13 pips (0.18%) since yesterday. Out of the 40 instruments in the Forex asset class, CADCHF ended up ranking 7th for the day in terms of price change. Here is a price chart of CADCHF.

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 200 day average, which is 15.4 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone up 5 out of the past 10 days.