CHFJPY Down 4 Pips On Hourly Chart, Entered Today Up For the 3rd Day In A Row; Crosses 50 Day Moving Average

Hourly Update

(Last Updated October 12, 2020 2:16 GMT)

At the time of this writing, CHFJPY’s rate is down -380 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)

CHFJPY is up 47 pips (0.41%) since the day prior (opening today near 116.059), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, CHFJPY ranked 12th the day prior in terms of percentage price change. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Moving average crossovers are always interesting, so let’s start there: CHFJPY crossed above its 50 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 50 day average, which is 24.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days CHFJPY’s price has gone up 7 them.