EUR/CHF Down 2 Pips Over Past Hour, Moves Up For the 2nd Straight Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 16, 2022 1:39 GMT)

At the moment, EURCHF’s rate is down -2 pips (-0.02%) from the hour prior. This is the 3rd hour in a row EURCHF has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 up 9 pips (0.09%) since the day prior (opening today near 0.9613), marking the 2nd straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, EURCHF ended up ranking 18th for the day in terms of 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 and 50 day averages, located at 0.9675 and 0.9739 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. For additional context, note that price has gone up 17 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.