(Last Updated January 13, 2021 2:17 GMT)
At the moment, CHFJPY’s rate is down -1180 pips (-0.1%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Of note is that the 20 hour changed directions on CHFJPY; it is now pointing down. 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 6 pips (0.05%) since yesterday (opening today near 117.029), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, CHFJPY ranked 24th yesterday in terms of percentage price change. The price chart of CHFJPY below illustrates.
CHFJPY Technical Analysis
Coming into today CHFJPY is now close to its 20, 50, 100 and 200 day averages, located at 116.8543, 115.8687, 115.6734 and 114.3023 respectively, and thus may be at a key juncture along those timeframes. 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 down 8 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!
The View From Around the Web
We’re seeing some traders come out with interesting conviction on CHFJPY, with 4 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
1H TF. Respected Resistance 2 times in the past, broke above went down and then respected.1D TF. Bearish Momentum1D TF. M pattern maybe going to be formedLow risk Trade