(Last Updated October 15, 2020 2:16 GMT)
Currently, CADCHF’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADCHF has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend 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 20 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
CADCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for CADCHF, which started today off at 0.69443, down 16 pips 0.23% from the previous day. Out of the 40 instruments in the Forex asset class, CADCHF ended up ranking 33rd for the day in terms of price change. Below is a price chart of CADCHF.
CADCHF Technical Analysis
Coming into today CADCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6914, 0.6907, 0.6934 and 0.7003 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 100 day average, which is 10.7 pips away. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days CADCHF’s price has gone down 9 them.