CAD/CHF Down 4 Pips Over Past Hour, 2 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 12, 2020 1:29 GMT)

At the time of this writing, CADCHF’s rate is down -0.0004 (-0.06%) from the hour prior. CADCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on CADCHF; it is now pointing down. 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 choppiness in the recent daily price action of CADCHF continues; to start today, it came in at a price of 0.7017, down 2 pips (0.04%) since yesterday. Relative to other instruments in the Forex asset class, CADCHF ranked 22nd yesterday in terms of percentage price change. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, the current price of CADCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 59.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 17 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on CADCHF, with 3 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, triangle and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

ABCD pattern complete on CADCHF, w’ll be lookng to short the Cad-swiss from this area – Price has been contained in a little ascending channel towards .7050 resistance, i expect a move to downside going for .69666 and 2nd target .69100…