EUR/CHF Down 5 Pips On Hourly Chart, Entered Today Up For the 2nd Day In A Row; Social Sentiment Biased Towards Selling

Hourly Update

(Last Updated September 8, 2022 1:38 GMT)

At the time of this writing, EURCHF’s rate is down -5 pips (-0.05%) from the hour prior. This is the 2nd consecutive hour EURCHF has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCHF. Given that we see an uptrend 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 up 19 pips (0.19%) since the previous day (opening today near 0.9768), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, EURCHF ranked 21st the previous day in terms of percentage price change. Let’s take a look at price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Notably, EURCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 17 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 1 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I am waiting for all the beginners and hasty people to loseThen I enter the BUY position after the confirmation in the lower time frame