CAD/CHF Up 2 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; in a Downtrend Over Past 90 Days

CAD/CHF 4 Hour Price Update

Updated May 12, 2020 12:55 AM GMT (08:55 PM EST)

After 4 down four-hour candles, CAD/CHF snaps its streak, rising 2 pips (0.03%) over the past four-hour candle to close at an exchange rate of 0.6939. Out of the 37 instruments in the Forex asset class, CAD/CHF ended up ranking 10th 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 down 7 pips (0.09%) since yesterday (opening today near 0.6939), marking the 2nd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, CAD/CHF ended up ranking 33rd for the day in terms of price change. 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 29.6 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. Or to simplify this another way, note that out of the past 14 days CAD/CHF’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADCHF, with 6 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 0.55, 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)