EURCHF Down 8 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated October 9, 2020 2:17 GMT)

Currently, EURCHF’s rate is down -8 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100, 20, 200 and 50 hour moving averages have been crossed, so that price is now turning below them. 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 1.07796, down 7 pips 0.06% from the previous day. Out of the 40 instruments in the Forex asset class, EURCHF ended up ranking 24th for the day in terms of price change. Below is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

The first thing we should note is that EURCHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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 EURCHF’s price has gone down 7 them.