CAD/CHF Down 9 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated June 15, 2022 1:39 GMT)

At the moment, CADCHF’s rate is down -9 pips (-0.11%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADCHF has now gone down 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADCHF. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 6 pips (0.08%) since the day prior (opening today near 0.773), marking the 3rd day in a row an increase has occurred. Out of the 39 instruments in the Forex asset class, CADCHF ended up ranking 19th for the day in terms of price change. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, CADCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days CADCHF’s price has gone up 9 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

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 11 sell signals. This imputes a buy/sell ratio of 0.09, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CADCHF broke the trend line up and then failed to hit a new high. looks like it might fail further.