CADCHF Up 2 Pips in Last Hour, Moves Up For the 3rd Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 8, 2021 0:15 GMT)

At the time of this writing, CADCHF’s rate is up 2 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 up 5 pips (0.06%) since yesterday (opening today near 0.73016), marking the 3rd consecutive day an increase has occurred. Out of the 39 instruments in the Forex asset class, CADCHF ended up ranking 11th for the day in terms of price change. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

First things first: CADCHF crossed above its 50 day moving average 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 2.5 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 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. 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. For additional context, note that price has gone up 6 out of the past 10 days.