CHF/JPY Down 8 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 12, 2020 1:29 GMT)

At the time of this writing, CHFJPY’s rate is down -0.081 (-0.07%) from the hour prior. The hourly chart shows that CHFJPY has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 20 hour moving averages have been crossed, with price now being 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)

CHFJPY is down 10 pips (0.09%) since the day prior (opening today near 114.865), marking the 2nd straight day a decrease has occurred. Out of the 40 instruments in the Forex asset class, CHFJPY ended up ranking 25th for the day in terms of price change. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Notably, CHFJPY is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 9.5 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 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on CHFJPY, with 7 buy signals on our radar and 0 sell signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Max risk: 2%.Data backtest is maximum history bars/premium account.Commission 4usd/tradeSlippage: 2 ticks.