EURCHF Up 2 Pips Over Past Hour, Crosses 50 Day Moving Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 24, 2020 0:15 GMT)

At the time of this writing, EURCHF’s rate is up 2 pips (0.02%) from the hour prior. This is the 2nd hour in a row EURCHF has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 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 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 1.07676, up 3 pips 0.03% from the day prior. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 16th in terms of percentage change since the day prior. Below is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURCHF crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 5 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 1.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

01. Monthly Trendline rejected by weekly candle02. Rejection at weekly resistance 03. Weekly strong wicks rejection at resistance04. Daily Consolidation05. Wait for Daily Close below the Support Level06. Zoom in to 4 hours chart07. Wait for the pullback to broken support 04. Wait for price action https://www.tradingview.com/u/Forex_Price_Action_Traders/#published-charts


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram