CADCHF Down 4 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated November 12, 2020 1:16 GMT)

At the time of this writing, CADCHF’s rate is down -4 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADCHF has now gone down 4 of the past 5 hours. 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)

CADCHF is up 5 pips (0.07%) since the day prior (opening today near 0.70195), marking the 2nd consecutive day it has gone up. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 20th in terms of percentage change since the day prior. 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 60.6 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 up 6 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.