CAD/CHF Up 3 Pips Over Past Hour, Came Into Today Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 22, 2022 1:39 GMT)

Currently, CADCHF’s rate is up 3 pips (0.05%) from the hour prior. CADCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 14 pips (0.2%) since yesterday (opening today near 0.7116), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, CADCHF ranked 26th yesterday in terms of percentage price change. The price chart of CADCHF below illustrates.

CADCHF

CADCHF Technical Analysis

Coming into today CADCHF is now close to its 20 and 50 day averages, located at 0.7239 and 0.7238 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 50 day average, which is 121.7 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 down. Or to simplify this another way, note that out of the past 14 days CADCHF’s price has gone down 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on CADCHF, with 4 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

MARKET IN BULLISH TREND inside bar candlestick pattern and confirmation next buy candlebreak the resistance and convert into supportso we can buy it