(Last Updated September 14, 2020 23:14 GMT)
At the moment, CADCHF’s rate is down -1 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
CADCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
CADCHF is down 7 pips (0.11%) since the previous day (opening today near 0.68932), marking the 2nd day in a row it has gone down. Out of the 40 instruments in the Forex asset class, CADCHF ended up ranking 29th for the day in terms of price change. The price chart of CADCHF below illustrates.
CADCHF Technical Analysis
The first thing we should note is that CADCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6919, 0.69, 0.694 and 0.7067 respectively, and thus may be at a key juncture along those timeframes. 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 7.1 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on CADCHF, with 1 buy signals on our radar and 19 sell signals. This imputes a buy/sell ratio of 0.05, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.