EURCHF Down 3 Pips Over Past Hour, 2 Day Up Streak Snapped; Eyes 20 and 50 Day Averages

Hourly Update

(Last Updated September 17, 2020 23:15 GMT)

Currently, EURCHF’s rate is down -3 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCHF entered today at 1.07561, down 19 pips (0.18%) from the previous day. Relative to other instruments in the Forex asset class, EURCHF ranked 31st the previous day in terms of percentage price change. Here 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. 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. Or to simplify this another way, note that out of the past 10 days EURCHF’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 15 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 3.75, 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.

EURCHF The price bounced from support/resistance level,If price breaks the trendline then I expect the price to continue to grow…..In case price breaks below the level then we can look for sell opportunity…..Push LIKE & SUPPORT the Idea…


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