CAD/CHF Up 1 Pips Over Past Hour, Moves Up For the 10th Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated June 8, 2022 1:38 GMT)

Currently, CADCHF’s rate is up 1 pips (0.01%) from the hour prior. This is the 2nd hour in a row CADCHF has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. 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 20 and 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 43 pips (0.56%) since the day prior (opening today near 0.77638), marking the 10th consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, CADCHF ranked 9th the day prior in terms of percentage price change. Here is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Coming into today CADCHF is now close to its 20 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 22 out of the past 30 days.