CAD/CHF Down 4 Pips in Last Hour; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated November 10, 2022 1:47 GMT)

Currently, CADCHF’s rate is down -4 pips (-0.06%) 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. As for the trend on the hourly timeframe, we see the clearest trend 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 and 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 entered today at 0.727, down 67 pips (0.91%) from the day prior. Relative to other instruments in the Forex asset class, CADCHF ranked 33rd the day prior in terms of percentage price change. Below is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

First things first: CADCHF crossed below its 20 and 50 day moving averages yesterday. 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 50 day average, which is 16.3 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days CADCHF’s price has gone up 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADCHF; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I see a possible long swing setup for CADCHFMajor BOS to the upside, Price retraced very well to the demand zone that created that break, we should wait for LTF confirmations