CHF/JPY Down 23 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Eyes 20 Day Average

Hourly Update

(Last Updated November 2, 2022 1:38 GMT)

At the time of this writing, CHFJPY’s rate is down -2290 pips (-0.15%) 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 trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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 148.31, up 21 pips (0.14%) from the day prior. Relative to other instruments in the Forex asset class, CHFJPY ranked 6th the day prior in terms of percentage price change. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Coming into today CHFJPY is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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 30 days CHFJPY’s price has gone up 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!