CAD/CHF Down 2 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 7, 2022 1:36 GMT)

At the moment, CADCHF’s rate is down -2 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 downtrend 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)

CADCHF is up 8 pips (0.11%) since the day prior (opening today near 0.737), marking the 2nd consecutive day an increase has occurred. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 19th in terms of percentage change since the day prior. The price chart of CADCHF below illustrates.

CADCHF

CADCHF Technical Analysis

Notably, CADCHF crossed above its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days CADCHF’s price has gone up 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!