CHFJPY Down 8 Pips On Hourly Chart, 2 Day Up Streak Broken; Breaks Below 20, 50 and 100 Day Averages

Hourly Update

(Last Updated November 12, 2020 1:16 GMT)

At the moment, CHFJPY’s rate is down -810 pips (-0.07%) from the hour prior. This is the 2nd straight hour CHFJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 and 20 hour moving averages, resulting in them so that price is now turning below them. 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)

The choppiness in the recent daily price action of CHFJPY continues; to start today, it came in at a price of 114.967, down 30 pips (0.26%) since yesterday. Relative to other instruments in the Forex asset class, CHFJPY ranked 34th yesterday in terms of percentage price change. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

First things first: CHFJPY crossed below its 20, 50 and 100 day moving averages 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 0.3 pips away. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.