CHFJPY Down 3 Pips Over Past Hour, Came Into Today Down For the 2nd Day In A Row; is Inching Close to 20 and 100 Day Averages

Hourly Update

(Last Updated October 14, 2020 2:16 GMT)

At the moment, CHFJPY’s rate is down -340 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 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. 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 down 57 pips (0.49%) since yesterday (opening today near 115.214), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Let’s take a look at price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

The first thing we should note is that CHFJPY is now close to its 20, 50, 100 and 200 day averages, located at 114.8059, 115.8096, 114.7243 and 113.3033 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 20 day average, which is 40.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 5 out of the past 10 days.