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
Coming into today EUR/CHF is now close to its 20, 50 and 100 day averages, located at 1.0619, 1.0686 and 1.0819 respectively, and thus may be at a key juncture along those timeframes. 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
Of note is that traders in aggregate have opinions on EURCHF, with 3 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. 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!