CAD/CHF Down 2 Pips Over Past 4 Hours, Price Base in Formation Over Past 30 Days; Pin Bar Pattern Appearing on Chart

CAD/CHF 4 Hour Price Update

Updated June 24, 2020 01:12 PM GMT (09:12 AM EST)

The choppiness in the recent four-hour candle price action of CAD/CHF continues; to start the current 4 hour candle, it came in at a price of 0.6966, down 2 pips (0.03%) since the previous 4 hours. Out of the 37 instruments in the Forex asset class, CAD/CHF ended up ranking 21st for the four-hour candle in terms of price change.

CAD/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for CAD/CHF, which started today off at 0.69743, up 3 pips 0.04% from the previous day. Compared to its peers in the Forex, CAD/CHF gave its buyers a return that ranked 14th in terms of percentage change since the previous day. Let’s take a look at price chart of CAD/CHF.

CAD/CHF Technical Analysis

Coming into today the current price of CAD/CHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 7 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 10 days. 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

We’re seeing some traders come out with interesting conviction on CADCHF, with 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and gartley technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Stops cover quarter theory looking for 38.2% retracement from XA for tp#1 then 61.8% from XA for tp#2