(Last Updated November 17, 2020 2:16 GMT)
Currently, CHFJPY’s rate is up 110 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 the day prior (opening today near 114.546), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, CHFJPY ranked 26th the day prior in terms of percentage price change. The price chart of CHFJPY below illustrates.
CHFJPY Technical Analysis
The first thing we should note is that CHFJPY is now close to its 20, 50, 100 and 200 day averages, located at 114.8534, 115.0399, 115.2296 and 113.5505 respectively, and thus may be at a key juncture along those timeframes. 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 30.7 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone down 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.