CAD/CHF Up 6 Pips Over Past 4 Hours, 2 Day Up Streak Ended; in a Downtrend Over Past 90 Days

CAD/CHF 4 Hour Price Update

Updated May 11, 2020 09:05 PM GMT (05:05 PM EST)

After 3 down four-hour candles, CAD/CHF snaps its streak, rising 6 pips (0.09%) over the past four-hour candle to close at an exchange rate of 0.6937. Out of the 37 instruments in the Forex asset class, CAD/CHF ended up ranking 12th for the four-hour candle in terms of price change.

CAD/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of CAD/CHF continues; to start today, it came in at a price of 0.69705, down 0 pips (0%) since the previous day. Relative to other instruments in the Forex asset class, CAD/CHF ranked 21st the previous day in terms of percentage price change. Let’s take a look at price chart of CAD/CHF.

CAD/CHF Technical Analysis

Coming into today 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 65.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADCHF, with 11 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.73, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price reached resistance level and reversed. AB=CD pattern is formed, price then broke throw support trend, hit the retest and now heading down.RSI indicator is giving us a Bearish Divergence Signal.Look to place take profit position on Fibonacci Levels (0.38, 0.5 and 0.78)