CAD/CHF Up 28 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

CAD/CHF 4 Hour Price Update

Updated May 19, 2020 05:10 PM GMT (01:10 PM EST)

The choppiness in the recent four-hour candle price action of CAD/CHF continues; to start the current 4 hour candle, it came in at a price of 0.7006, up 28 pips (0.4%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, CAD/CHF ended up ranking 7th for the four-hour candle in terms of price change.

CAD/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/CHF is up 2 pips (0.03%) since the previous day (opening today near 0.69705), marking the 2nd day in a row an increase has occurred. Compared to its peers in the Forex, CAD/CHF gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Let’s take a look at price chart of CAD/CHF.

CAD/CHF Technical Analysis

Notably, CAD/CHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 49.6 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 17 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on CADCHF, with 5 buy signals on our radar and 5 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 triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A nice divergence is formed and price is at top of the channel. We will look for a reversal candle into the channel and start our shorts.