CAD/CHF Up 6 Pips Over Past 4 Hours, Social Sentiment Biased Towards Selling; Doji Pattern Appearing on Chart

CAD/CHF 4 Hour Price Update

Updated June 19, 2020 09:22 AM GMT (05:22 AM EST)

The back and forth price flow continues for CAD/CHF, which started the current 4 hour candle off at 0.6998, up 6 pips 0.09% from the last 4 hour candle. Relative to other instruments in the Forex asset class, CAD/CHF ranked 5th the last 4 hour candle in terms of percentage price change.

CAD/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/CHF is up 8 pips (0.11%) since the previous day (opening today near 0.70029), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, CAD/CHF gave its buyers a return that ranked 7th in terms of percentage change since the previous day. Below is a price chart of CAD/CHF.

CAD/CHF Technical Analysis

The first thing we should note is that CAD/CHF is now close to its 20, 50 and 100 day averages, located at 0.7046, 0.6976 and 0.6946 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 50 day average, which is 27.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days. 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

Of note is that traders in aggregate have opinions on CADCHF, with 1 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.06, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

– Head and shoulders on Higher Timeframe- Rejecetions of fib – Major possibility of moves to the downsideOpen to any thoughts and suggetsions!