(Last Updated September 11, 2020 16:14 GMT)
Currently, 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)
The back and forth price flow continues for CADCHF, which started today off at 0.69387, up 8 pips 0.11% from the previous day. Out of the 40 instruments in the Forex asset class, CADCHF ended up ranking 18th for the day in terms of price change. The price chart of CADCHF below illustrates.
CADCHF Technical Analysis
Notably, CADCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6915, 0.6903, 0.694 and 0.7072 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 1.2 pips away. 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. Or to simplify this another way, note that out of the past 10 days CADCHF’s price has gone up 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADCHF, with 1 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.07, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
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