(Last Updated May 28, 2020)
Hello! This is the news page for CADCHF. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on CADCHF, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.
Nuances in the trend on CADCHF can be understood by observing the behavior of its moving averages. The 20 and 50 day averages suggest a bullish trend, as they are pointing upwards, in contrast to the downward-facing 100 and 200 day averages that imply a bearish trend. Ultimately, this suggests a bullish trend on shorter timeframes, compared to a bearish trend when observing more than 3 months of data.
The chart below illustrates.
As for correlation, As for assets in the Forex asset class CADCHF has been correlated to over the past week, it has demonstrated the strongest correlation with CADJPY. Over the past 14 days, however, the asset showing the strongest correlation to CADCHF is USDCAD. Alternatively, the asset least correlated with CADCHF over the past week has been EURGBP, but over the past two weeks, the asset least correlated with CADCHF has been AUDCAD. The chart below illustrates CADCHF against its least correlated assets.
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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 26.2 pips away.
Relative to other instruments in the forex asset class, cad/chf ranked 35th the previous day in terms of percentage price change.
This imputes a buy/sell ratio of 1.17, which is neutral.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
The closest is the 20 day average, which is 19.8 pips away.
This imputes a buy/sell ratio of 0.56, which is bearish.
The closest is the 20 day average, which is 48.2 pips away.
As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.