(Last Updated June 17, 2022 1:37 GMT)
At the time of this writing, CADCHF’s rate is down -2 pips (-0.03%) from the hour prior. CADCHF has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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)
CADCHF is down 247 pips (3.21%) since yesterday (opening today near 0.7457), marking the 2nd straight day a decrease has occurred. Those trading within the Forex asset class should know that CADCHF was the worst performer in the class. The price chart of CADCHF below illustrates.
CADCHF Technical Analysis
First things first: CADCHF crossed below its 20 and 50 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days CADCHF’s price has gone up 7 them.