CADCHF Up 2 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 2nd Straight Day

Hourly Update

(Last Updated October 16, 2020 3:16 GMT)

At the moment, CADCHF’s rate is up 2 pips (0.03%) 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

CADCHF is down 32 pips (0.47%) since the day prior (opening today near 0.6912), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, CADCHF ranked 30th the day prior in terms of percentage price change. Below is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

First things first: CADCHF crossed below its 20 and 100 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 20 day average, which is 2.4 pips away. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 18 out of the past 30 days.