(Last Updated January 1, 2021 3:17 GMT)
Currently, CHFJPY’s rate is up 60 pips (0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CHFJPY has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CHFJPY. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 44 pips (0.38%) since the day prior (opening today near 116.58), marking the 2nd consecutive day it has gone down. Out of the 40 instruments in the Forex asset class, CHFJPY ended up ranking 33rd for the day in terms of price change. The price chart of CHFJPY below illustrates.
CHFJPY Technical Analysis
Notably, CHFJPY crossed below 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 22.1 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned downwards, which may be a bearish 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 30 days CHFJPY’s price has gone up 17 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for CHFJPY; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. 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.
CHF has been really strong lately. This pair is showing strong momentum to the upside. I will enter only if I see a strong 2h close above the blue line. Cheers!