(Last Updated October 12, 2020 2:16 GMT)
At the time of this writing, CADCHF’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 20 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
CADCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
The back and forth price flow continues for CADCHF, which started today off at 0.6932, down 16 pips 0.23% from yesterday. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 23rd in terms of percentage change since yesterday. Below is a price chart of CADCHF.
CADCHF Technical Analysis
Notably, CADCHF crossed below its 100 day moving average yesterday. 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 100 day average, which is 3.1 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone down 8 out of the past 14 days.