(Last Updated November 12, 2020 1:17 GMT)
Currently, EURCHF’s rate is down 0 pips (0%) 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 some doji and pin bar candlestick patterns 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
EURCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
EURCHF is up 27 pips (0.25%) since yesterday (opening today near 1.08079), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, EURCHF ranked 12th yesterday in terms of percentage price change. The price chart of EURCHF below illustrates.
EURCHF Technical Analysis
Coming into today EURCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.0712, 1.0751, 1.0739 and 1.0675 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 57.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days EURCHF’s price has gone down 18 them.