EUR/CHF 2 Day Up Streak Ended, in a Downtrend Over Past 14 Days; Nears 20 Day Moving Average

EUR/CHF Price Recap

The back and forth price flow continues for EUR/CHF, which starts today off at 1.05667 US dollars, down 19 pips 0.18% from the previous day. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 28.78% from the day before — and down 23.87% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 23rd for the day in terms of day-over-day price change. Here is a price chart of EUR/CHF.

EUR/CHF Technical Analysis

The first thing we should note is that EUR/CHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.

A final note on correlations: over the past 7 days, EUR/USD has been the pair most correlated with EUR/CHF — a frequent scenario, considering EUR finds itself in both pairs. On the flip side, in terms of pairs with the least correlation to EUR/CHF, USD/CNH is the pair that holds that distinction for the past week, while GBP/NZD does on a two week basis.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 2 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

$EURCHF is range-bound forming desc triangle pattern. Buying the reversal at the bottom.SL 1.05364TP 1.05849