CADCHF Up 1 Pips On Hourly Chart, Sentiment Suggests Sellers in Charge; is Inching Close to 50, 100 and 200 Day Averages

Hourly Update

(Last Updated November 5, 2021 23:15 GMT)

At the time of this writing, CADCHF’s rate is up 1 pips (0.02%) 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. Regarding the trend, note that the strongest trend exists on the 100 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 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 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 0.73605, down 10 pips (0.13%) from the day prior. Out of the 39 instruments in the Forex asset class, CADCHF ended up ranking 28th for the day in terms of price change. 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 averages, located at 0.7421, 0.7342, 0.7335 and 0.7332 respectively, and thus may be at a key juncture along those timeframes. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days CADCHF’s price has gone down 9 them.