AUD/CHF 3 Day Up Streak Ended, in a Downtrend Over Past 30 Days; Price Base in Formation Over Past 14 Days

AUD/CHF Price Recap

AUD/CHF is up 17 pips (0.26%) since yesterday (with its current price near 0.65516), marking the 2nd day in a row it has gone up. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 18.25% from the day before — and down 26.35% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/CHF ranked 8th yesterday in terms of percentage price change. Below is a price chart of AUD/CHF.

AUD/CHF Technical Analysis

The first thing we should note is that AUD/CHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days AUD/CHF’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCHF, with 6 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Short on AUDCHF, price rejected by trend line and bearish divergences on RSI, MACD.