EUR/CHF Down 14 Pips; in a Downtrend Over Past 14 Days

EUR/CHF Price Recap

EUR/CHF is down 14 pips (0.13%) since yesterday (with its current price near 1.0556), marking the 2nd day in a row it has gone down. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 102.56% from the day prior, and up 85.36% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 20th for the day in terms of day-over-day price change. The price chart of EUR/CHF below illustrates.

EUR/CHF Technical Analysis

The first thing we should note is that EUR/CHF is now close to its 20, 50 and 100 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 down. Or to simplify this another way, note that out of the past 14 days EUR/CHF’s price has gone up 7 them.

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 4 sell signals. This imputes a buy/sell ratio of 1.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EUR/CHF is in a downward sloping channel since 2007, after the touch of the upper line (in red) the rate has reacted downwards, I expect EUR/CHF at the low point (in green) by 2021. Good luck!