CHF/JPY Down 19 Pips On Hourly Chart, 2 Day Up Streak Broken; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated November 17, 2022 1:41 GMT)

At the moment, CHFJPY’s rate is down -1890 pips (-0.13%) from the hour prior. The hourly chart shows that CHFJPY has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 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 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 148.04, down 32 pips (0.22%) from yesterday. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 35th in terms of percentage change since yesterday. The price chart of CHFJPY below illustrates.

CHFJPY

CHFJPY Technical Analysis

Coming into today CHFJPY is now close to its 20, 50 and 100 day averages, located at 148.03, 147.7248 and 144.5493 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone up 7 them.