CHF/JPY Up 12 Pips On Hourly Chart, Crosses 100 Day Moving Average; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated October 5, 2020 16:23 GMT)

Currently, CHFJPY’s rate is up 0.117 (0.1%) from the hour prior. The hourly chart shows that CHFJPY has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

CHFJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for CHFJPY, which started today off at 114.367, down 46 pips 0.4% from the day prior. Out of the 40 instruments in the Forex asset class, CHFJPY ended up ranking 35th for the day in terms of price change. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Notably, CHFJPY crossed below its 100 day moving average yesterday. 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 3.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone down 11 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 3 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, double top and gartley technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

short CHFJPYbearish confluence on higher timeframebearish gartley pattern rejected previous suspport now turned resistance