CADCHF Down 0 Pips On Hourly Chart, Moves Down For the 4th Straight Day; Eyes 50 Day Average

Hourly Update

(Last Updated September 16, 2020 23:15 GMT)

At the moment, CADCHF’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CADCHF has now gone down 4 of the past 5 hours. 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 6 pips (0.09%) since the day prior (opening today near 0.68852), marking the 4th straight day a decrease has occurred. Out of the 40 instruments in the Forex asset class, CADCHF ended up ranking 28th for the day in terms of price change. Here is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, 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 12.9 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 down 7 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADCHF, with 5 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.83, which is neutral. 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.

Ascending ChannelTP 1 @ 0.6814TP 2 @ 0.6754Please don’t forget to FOLLOW , LIKE and COMMENT …If you like my analysis:)Thank you and Good Luck!


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