CADCHF is the biggest percentage mover
As European traders head home, the CAD is the strongest. The CHF is the weakest and that makes the CADCHF the biggest % mover on the day. Below is the % changes for all the major currencies vs each other and the ranking from strongest to weakest.
The CADCHF is up 0.42%. That is not a big move, but what is the move in the pair saying?
Looking at the hourly chart for the pair below, the price action has been up and down since the low was reached on August 7th. On August 13 the low was higher. On August 15, the low was higher than the previous low. On August 26, the low was also higher than the previous low. Their is a nudge higher.
Looking at the highs, they have been a little higher as well (starting on August 13 at least). The highs are just a little higher, but they are higher.
Since the last high on Tuesday, the price decline moved below the 200 and 100 hour MAs yesterday and again earlier today. However, there is an up and down rebound, BUT the two MA’s stalled the last fall. Bullish? You have to give it the benefit of the doubt.
Now…the price is higher and looks to start testing the recent swing highs. Seller may come in and lean. Risk is a break above the last high.
However, if the pattern continues, the bulls are more in control. We are testing the yellow area and the 50% now at 0.74097. It is the a key target level (with more above). Get above and traders will be eyeing a new high.