CHFJPY Down 6 Pips Over Past Hour, Sentiment Strongly Favors Sellers; Eyes 50 Day Average

Hourly Update

(Last Updated October 9, 2020 2:16 GMT)

Currently, CHFJPY’s rate is down -640 pips (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on CHFJPY; it is now pointing down. 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)

CHFJPY is up 15 pips (0.13%) since the previous day (opening today near 115.585), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, CHFJPY ranked 14th the previous day in terms of percentage price change. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that the current price of CHFJPY is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 22.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see doji pattern appearing here as well.