CHFJPY Up 12 Pips Over Past Hour, Nears 20 and 100 Day Moving Averages; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated October 19, 2020 10:16 GMT)

At the time of this writing, CHFJPY’s rate is up 1250 pips (0.11%) from the hour prior. This is the 2nd hour in a row CHFJPY has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, with price now being above it. 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 115.146, down 4 pips (0.04%) since the previous day. Relative to other instruments in the Forex asset class, CHFJPY ranked 24th the previous day in terms of percentage price change. The price chart of CHFJPY below illustrates.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that the current price of CHFJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 31.6 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 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 up 7 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.