EURCHF Down 3 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Crosses 100 Day Moving Average

Hourly Update

(Last Updated June 7, 2021 3:18 GMT)

At the time of this writing, EURCHF’s rate is down -3 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCHF has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 downtrend 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)

EURCHF is down 25 pips (0.22%) since the previous day (opening today near 1.09358), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 26th in terms of percentage change since the previous day. Here is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Notably, EURCHF crossed below its 100 day moving average yesterday. 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 25.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 13 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.