AUD/CHF Moves Down For the 6th Day In A Row, in a Downtrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

AUD/CHF Price Recap

AUD/CHF is down 18 pips (0.27%) since yesterday (with its current price near 0.64633), marking the 6th day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 30.51% from the day prior, and up 33.9% from the same day the week before. Relative to other instruments in the Forex asset class, AUD/CHF ranked 29th yesterday in terms of percentage price change. The price chart of AUD/CHF below illustrates.

AUD/CHF Technical Analysis

Notably, AUD/CHF is now close to its 20 day moving averages, which may act as price barrier for the asset. Volatility for AUD/CHF has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 90 day timeframe, which shows price moving down 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. Or to simplify this another way, note that out of the past 10 days AUD/CHF’s price has gone down 7 them. 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 AUDCHF, with 18 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 18, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of channel and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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