CHFJPY Down 3 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; 2 Day Down Streak Snapped

Hourly Update

(Last Updated January 5, 2021 2:17 GMT)

At the moment, CHFJPY’s rate is down -300 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as CHFJPY has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 entered today at 116.929, up 35 pips (0.3%) from yesterday. Out of the 40 instruments in the Forex asset class, CHFJPY ended up ranking 7th for the day in terms of price change. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CHFJPY crossed above its 20 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 20 day average, which is 10.5 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. Volatility for CHFJPY has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 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 down 8 them.