CAD/CHF Up 1 Pips in Last Hour, Entered Today Down For the 3rd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated November 23, 2022 2:19 GMT)

Currently, CADCHF’s rate is up 1 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CADCHF has now gone up 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADCHF. Given that we see an uptrend 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 down 7 pips (0.1%) since yesterday (opening today near 0.7109), marking the 3rd day in a row it has gone down. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. The price chart of CADCHF below illustrates.

CADCHF

CADCHF Technical Analysis

Notably, the current price of CADCHF is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone down 15 out of the past 30 days.

The View From Around the Web

Not much commentary on CADCHF that we’re finding noteworthy here; guess people aren’t watching this one :). As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Another beautiful pair for retail inducements setup. here we can see there is a CHoCH where the price broke previous swing high and price coing back down to mitigate in demand zone. which now it already has. this is an active trade now lets see what happens next.