CHFJPY Up 5 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Crosses 20 Day Moving Average

Hourly Update

(Last Updated January 6, 2021 2:17 GMT)

At the moment, CHFJPY’s rate is up 510 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Of note is that the 20 hour changed directions on CHFJPY; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

CHFJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHFJPY entered today at 116.929, up 35 pips (0.3%) from yesterday. Relative to other instruments in the Forex asset class, CHFJPY ranked 7th yesterday in terms of percentage price change. The price chart of CHFJPY below illustrates.

CHFJPY

CHFJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CHFJPY crossed above its 20 day moving average yesterday. 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 20 day average, which is 10.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Volatility for CHFJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days CHFJPY’s price has gone up 5 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for CHFJPY; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a elliott wave technical pattern. 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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