CHF/JPY Down 9 Pips in Last Hour, Moves Up For the 3rd Consecutive Day; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated November 24, 2022 1:39 GMT)

Currently, CHFJPY’s rate is down -860 pips (-0.06%) from the hour prior. This is the 2nd consecutive hour CHFJPY has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 is up 8 pips (0.05%) since yesterday (opening today near 148.011), marking the 3rd consecutive day it has gone up. Relative to other instruments in the Forex asset class, CHFJPY ranked 17th yesterday 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 CHFJPY is now close to its 20, 50 and 100 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. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 2 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Possible bullish run for a short while so it would be wise to scalp pips on this run. It probably be for a short while but scalping works here.