CAD/CHF Down 29 Pips On 4 Hour Chart, Entered Today Up For the 3rd Day In A Row; Eyes 20 Day Average

CAD/CHF 4 Hour Price Update

Updated May 15, 2020 01:10 PM GMT (09:10 AM EST)

The back and forth price flow continues for CAD/CHF, which started the current 4 hour candle off at 0.6905, down 29 pips 0.42% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, CAD/CHF ended up ranking 28th for the four-hour candle in terms of price change.

CAD/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/CHF is up 11 pips (0.16%) since the day prior (opening today near 0.69345), marking the 3rd day in a row an increase has occurred. Relative to other instruments in the Forex asset class, CAD/CHF ranked 9th the day prior in terms of percentage price change. Below is a price chart of CAD/CHF.

CAD/CHF Technical Analysis

Coming into today CAD/CHF is now close to its 20, 50 and 100 day averages, located at 0.6918, 0.6886 and 0.7051 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 20 day average, which is 16.3 pips away. 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 14 days CAD/CHF’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADCHF, with 9 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.82, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Building Rising Wedge closing below the trend line is a short and taking support support at Trend line is a good long .RSI is making retest on trend line which make this one more bearish we will see this next week for more confirmation.have a good and safe weekend