EUR/CHF Down 2 Pips in Last Hour, Entered Today Down For the 3rd Straight Day; is Inching Close to 20, 50 and 100 Day Averages

Hourly Update

(Last Updated October 5, 2020 16:24 GMT)

At the moment, EURCHF’s rate is down -0.0002 (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 and 200 hour moving averages have been crossed, so that price is now turning below them. 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 is down 5 pips (0.05%) since yesterday (opening today near 1.07811), marking the 3rd straight day a decline has happened. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 20th in terms of percentage change since yesterday. 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. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 8 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.6, which is bullish. As for the rationale, technical traders seem to be citing the appearance of elliott wave and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets.” Technical analysis: ….Be sure to leave a comment let us know how you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️