EUR/CHF 2 Day Up Streak Broken, in a Downtrend Over Past 90 Days; Nears 20 Day Moving Average

EUR/CHF Price Recap

EUR/CHF enters today at 1.06535 in US dollars, down 28 pips (0.26%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 37.55% from the day prior, but up 13.21% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 30th for the day in terms of day-over-day price change. The price chart of EUR/CHF below illustrates.

EUR/CHF Technical Analysis

Notably, EUR/CHF is now close to its 20, 50, 100 and 200 day averages, located at 1.0642, 1.0719, 1.0844 and 1.0925 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 14 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EUR/CHF’s price has gone down 20 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 12 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 6, which is very bullish. 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.

EURCHF long possibility with 3 tp targets. Watch if it holds the channel.