EUR/CHF Down 2 Pips On Hourly Chart, Moves Down For the 4th Consecutive Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated December 28, 2021 1:42 GMT)

At the moment, EURCHF’s rate is down -2 pips (-0.02%) 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 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 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 9 pips (0.09%) since yesterday (opening today near 1.03919), marking the 4th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, EURCHF ranked 32nd yesterday 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 and 100 day averages, located at 1.0412, 1.0504 and 1.0652 respectively, and thus may be at a key juncture along those timeframes. Volatility for EURCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days EURCHF’s price has gone down 19 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for EURCHF; just 0 sell signals and 3 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Double bottom at current support,strong euro. We are aiming for next resistance,let’s go.#FxHyenas