CHFJPY Down 7 Pips in Last Hour, Tops All Forex; Crosses 20 and 100 Day Moving Averages

Hourly Update

(Last Updated October 6, 2020 15:15 GMT)

Currently, CHFJPY’s rate is down -680 pips (-0.06%) from the hour prior. The hourly chart shows that CHFJPY has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. 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)

The choppiness in the recent daily price action of CHFJPY continues; to start today, it came in at a price of 115.475, up 111 pips (0.97%) since the day prior. On a relative basis, the day prior was pretty good: CHFJPY bested all 40 of the assets in the Forex class 🙂 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 20 and 100 day moving averages 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 30.6 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days CHFJPY’s price has gone down 6 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on CHFJPY, with 7 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.54, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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