CHFJPY Up 8 Pips in Last Hour, Moves Down For the 3rd Straight Day; is Inching Close to 20 and 100 Day Averages

Hourly Update

(Last Updated October 15, 2020 2:16 GMT)

At the moment, CHFJPY’s rate is up 830 pips (0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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 is down 14 pips (0.12%) since the previous day (opening today near 115.07), marking the 3rd straight day a decline has happened. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 29th in terms of percentage change since the previous day. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Notably, the current price of CHFJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 27.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone up 7 them.