CHFJPY Down 11 Pips Over Past Hour, Moves Down For the 3rd Consecutive Day; Eyes 20 Day Average

Hourly Update

(Last Updated November 18, 2020 2:16 GMT)

At the moment, CHFJPY’s rate is down -1100 pips (-0.1%) from the hour prior. CHFJPY has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

CHFJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

CHFJPY is down 25 pips (0.22%) since the day prior (opening today near 114.296), marking the 3rd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, CHFJPY ranked 27th the day prior in terms of percentage price change. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that CHFJPY is now close to its 20, 50, 100 and 200 day averages, located at 114.7544, 115.0162, 115.2334 and 113.5595 respectively, and thus may be at a key juncture along those timeframes. 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 45.8 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone down 9 them.