CADCHF - Buyers are managing the market to higher levels
The CADCHF currency pair on the 4 hours chart has been in an uptrend since 21 November 2019 when it registered the lowest price level of the period under study at 0.74241. Since then, the currency pair has been forming successfully higher tops and higher bottoms. At time of writing, the CADCHF is moving around 0.75263 above the 20-period and 40-period simple moving average respectively.
Additionally, the oscillator analysis indicates positive sentiment for the CADCHF. The 14 period RSI Oscillator (Relative Strength Index) is above the 50 level - a fact that shows that the buyers are control of the market. The 23 period Momentum Oscillator is also above the 100 mark, which illustrates bullish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the top at 0.7506 and dragging it to the bottom at 0.74823, three price targets may be calculated. The first target level is projected at 0.75206 (161.8%), which has been successfully reached. The second target level is estimated at 0.75443 (261.8%). The third target level is forecast at 0.75827 (423.6.8%).
It remains to be seen how much higher the bulls will manage to pull the price of the CADCHF.
Additionally, the oscillator analysis indicates positive sentiment for the CADCHF. The 14 period RSI Oscillator (Relative Strength Index) is above the 50 level - a fact that shows that the buyers are control of the market. The 23 period Momentum Oscillator is also above the 100 mark, which illustrates bullish movement in the currency pair.
When attaching the Fibonacci Retracement tool from the top at 0.7506 and dragging it to the bottom at 0.74823, three price targets may be calculated. The first target level is projected at 0.75206 (161.8%), which has been successfully reached. The second target level is estimated at 0.75443 (261.8%). The third target level is forecast at 0.75827 (423.6.8%).
It remains to be seen how much higher the bulls will manage to pull the price of the CADCHF.