CADCHF Up 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 15, 2020 23:15 GMT)

At the time of this writing, CADCHF’s rate is up 2 pips (0.03%) from the hour prior. This is the 2nd straight hour CADCHF has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CADCHF. Given that we see downtrend on the 20 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

CADCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

CADCHF is down 7 pips (0.11%) since yesterday (opening today near 0.68932), marking the 2nd straight day it has gone down. Relative to other instruments in the Forex asset class, CADCHF ranked 29th yesterday in terms of percentage price change. Here is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Coming into today the current price of CADCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 7.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADCHF, with 1 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 0.1, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

we are very close to demand zone and price also making good bullish divergence on RSI


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram