CAD/CHF Up 10 Pips On 4 Hour Chart, is Inching Close to 50 Day Average; Pin Bar Pattern Appearing on Chart

CAD/CHF 4 Hour Price Update

Updated June 18, 2020 09:07 AM GMT (05:07 AM EST)

CAD/CHF is up 10 pips (0.14%) since the previous 4 hours (opening the current 4 hour candle near 0.7009), marking the 2nd candle in a row it has gone up. Relative to other instruments in the Forex asset class, CAD/CHF ranked 6th the previous 4 hours in terms of percentage price change.

CAD/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CAD/CHF is down 6 pips (0.09%) since yesterday (opening today near 0.6987), marking the 2nd day in a row a decline has happened. Compared to its peers in the Forex, CAD/CHF gave its buyers a return that ranked 27th in terms of percentage change since yesterday. 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 50 day average, which is 14.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days CAD/CHF’s price has gone down 8 them. 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

We’re seeing some traders come out with interesting conviction on CADCHF, with 7 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.41, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price action indicates this is moving towards construction support levelwith confluence of fib ext. 127 ~ 168.