CAD/CHF Moves Down For the 2nd Day In A Row, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

CAD/CHF Price Recap

CAD/CHF is down 28 pips (0.41%) since yesterday (with its current price near 0.67775), marking the 2nd day in a row a decline has happened. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 34.76% from the day prior, and up 19.37% from the same day the week before. Relative to other instruments in the Forex asset class, CAD/CHF ranked 21st yesterday in terms of percentage price change. Here is a price chart of CAD/CHF.

CAD/CHF Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days CAD/CHF’s price has gone down 12 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 6 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of channel and flag technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Flag channel looking trapping the buyers before it hit down