CADCHF Up 1 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Breaks Above 50 and 200 Day Averages

Hourly Update

(Last Updated September 16, 2021 2:15 GMT)

Currently, CADCHF’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADCHF. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CADCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of CADCHF continues; to start today, it came in at a price of 0.72841, up 35 pips (0.49%) since yesterday. Out of the 39 instruments in the Forex asset class, CADCHF ended up ranking 2nd for the day in terms of price change. Here is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CADCHF crossed above its 50 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 50 day average, which is 10.6 pips away. Volatility for CADCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days CADCHF’s price has gone up 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CADCHF; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

CADCHF tested the previous POC, targeting the thin valued area on the bottom.