EURCHF Up 2 Pips in Last Hour, in an Uptrend Over Past 30 Days; Nears 20, 100 and 200 Day Moving Averages

Hourly Update

(Last Updated September 16, 2021 2:17 GMT)

At the time of this writing, EURCHF’s rate is up 2 pips (0.01%) from the hour prior. The hourly chart shows that EURCHF has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCHF. Given that we see an uptrend on the 20, 10 and 5 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 choppiness in price, as the 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)

EURCHF entered today at 1.08681, up 9 pips (0.09%) from the day prior. Out of the 39 instruments in the Forex asset class, EURCHF ended up ranking 12th for the day in terms of price change. The price chart of EURCHF below illustrates.

EURCHF

EURCHF Technical Analysis

Notably, EURCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.0817, 1.0805, 1.0878 and 1.0898 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 9.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days EURCHF’s price has gone up 7 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCHF; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

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