EURCHF Down 1 Pips Over Past Hour; Nears 20, 100 and 200 Day Moving Averages

Hourly Update

(Last Updated June 9, 2021 20:19 GMT)

At the time of this writing, EURCHF’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCHF has now gone down 9 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of EURCHF continues; to start today, it came in at a price of 1.09179, down 25 pips (0.23%) since the previous day. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 30th in terms of percentage change since the previous day. Let’s take a look at price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

The first thing we should note is that the current price of EURCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 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.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCHF; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello traders, Wave C of 4 is supposed to materialise towards the support zone at 1.08810. Then wave 5 is supposed to materialise towards the resistance zone at 1.12150. Thanks.