CADCHF Down 4 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated October 13, 2020 2:16 GMT)

Currently, CADCHF’s rate is down -4 pips (-0.06%) 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. 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 3 pips (0.04%) since the day prior (opening today near 0.69295), marking the 2nd straight day a decrease has occurred. Compared to its peers in the Forex, CADCHF gave its buyers a return that ranked 18th in terms of percentage change since the day prior. Let’s take a look at price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

Notably, CADCHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 5.5 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 14 days CADCHF’s price has gone down 9 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!