EURCHF Up 3 Pips in Last Hour, Makes Big Move Relative to Past Month; Nears 20 Day Moving Average

Hourly Update

(Last Updated September 4, 2020 9:50 GMT)

At the moment, EURCHF’s rate is up 3 pips (0.03%) from the hour prior. EURCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. 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 pin bar 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)

After 5 up days, EURCHF snaps its streak, falling 36 pips (-0.33%) over the past day to close at an exchange rate of 1.07944. Out of the 40 instruments in the Forex asset class, EURCHF ended up ranking 31st for the day in terms of price change. Below is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Notably, 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 27.2 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days EURCHF’s price has gone up 16 them.


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