(Last Updated November 13, 2020 1:29 GMT)
Currently, CADCHF’s rate is up 0.0003 (0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 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 60 pips (0.86%) since the previous day (opening today near 0.6957), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, CADCHF ranked 31st the previous day in terms of percentage price change. The price chart of CADCHF below illustrates.
CADCHF Technical Analysis
Notably, CADCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6919, 0.6918, 0.691 and 0.6955 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 1.5 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CADCHF, with 10 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Please like, comment and follow.Price is currently retesting a support zone and has completed the forth Eliot waves, price is expected to buy from this level which is also the 50 fib level