CHFJPY Down 0 Pips in Last Hour, Moves Up For the 2nd Straight Day; Nears 20 and 200 Day Moving Averages

Hourly Update

(Last Updated November 23, 2020 2:16 GMT)

At the moment, CHFJPY’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as CHFJPY has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on CHFJPY. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on CHFJPY; it is now pointing up. 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 up 2 pips (0.02%) since the day prior (opening today near 113.943), marking the 2nd straight day it has gone up. Out of the 40 instruments in the Forex asset class, CHFJPY ended up ranking 21st 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 averages, located at 114.5019, 114.857, 115.2399 and 113.5858 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 200 day average, which is 35.7 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. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone down 18 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!