(Last Updated November 11, 2020 0:16 GMT)
Currently, CADCHF’s rate is up 2 pips (0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)
CADCHF entered today at 0.70145, up 125 pips (1.82%) from the day prior. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 9th in terms of percentage change since the day prior. Below is a price chart of CADCHF.
CADCHF Technical Analysis
Moving average crossovers are always interesting, so let’s start there: CADCHF crossed above its 20, 50, 100 and 200 day moving averages 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 200 day average, which is 54.1 pips away. It should be noted, though, the 20, 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. 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 down 17 out of the past 30 days.