EURCHF Down 1 Pips On Hourly Chart; Breaks Above 20 Day Average

Hourly Update

(Last Updated June 3, 2021 4:19 GMT)

Currently, 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 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji 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. Of note is that the 20 hour changed directions on EURCHF; it is now pointing up. 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.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for EURCHF, which started today off at 1.09664, up 6 pips 0.05% from the previous day. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 16th in terms of percentage change since the previous day. Let’s take a look at price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

First things first: EURCHF crossed above its 20 day moving average 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 20 day average, which is 4.9 pips away. It should be noted, though, the 20 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. For additional context, note that price has gone up 8 out of the past 14 days.