CAD/CHF 4 Hour Price Update
Updated May 14, 2020 09:05 AM GMT (05:05 AM EST)
The choppiness in the recent four-hour candle price action of CAD/CHF continues; to start the current 4 hour candle, it came in at a price of 0.69, down 0 pips (0%) since the last 4 hour candle. Compared to its peers in the Forex, CAD/CHF gave its buyers a return that ranked 14th in terms of percentage change since the last 4 hour candle.
CAD/CHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
CAD/CHF is up 5 pips (0.08%) since the day prior (opening today near 0.68988), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, CAD/CHF ended up ranking 7th for the day in terms of price change. Let’s take a look at 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 0.6913, 0.688 and 0.7056 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 20 day average, which is 14.4 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days CAD/CHF’s price has gone up 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADCHF, with 12 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Price is reaching our entry in line with our 78.6% retracement and 61.8% extension where we could see a bounce above this level to our first resistance level….Stochastic is reaching support as well….Please find the written version linked below and let us know what you would like to see next!