CADCHF Down 1 Pips Over Past Hour, in an Uptrend Over Past 30 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated September 10, 2020 16:14 GMT)

Currently, CADCHF’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CADCHF. Given that we see downtrend on the 20 and 10 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 entered today at 0.69387, up 8 pips (0.11%) from yesterday. Relative to other instruments in the Forex asset class, CADCHF ranked 18th yesterday in terms of percentage price change. Here is a price chart of CADCHF.

CADCHF

CADCHF Technical Analysis

The first thing we should note is that 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 1.2 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. Or to simplify this another way, note that out of the past 14 days CADCHF’s price has gone up 8 them. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CADCHF, with 13 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 3.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

βž• CAD/CHF Setup / AnalysisπŸ• 2HR’S ChartπŸ“‹ Educational β€”β€”β€”β€”β€”**-πŸ—’ Just browsing through my analysis means a lot to me….➑️ Please follow the analysis very carefully and every detail of the chart means a lot….And always entry depends on many reasons carefully studiedAlways enter into deals when there are more than 5 reasons combinedβž• Key Technical / Reason’s long Position’s β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”Entry Reversal —- 0.69400 area Month High / Day low Trend line RetestUp Channel PatternPrice Action Pin Bar β€”β€”β€”β€”-Target Reversal —– 0.7000weekly Gap Test Quarter High Down Trend + Majo Turn levelPoc Volume Profile β€”β€”β€”β€”β€”


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