EUR/CHF Down 6 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 12, 2022 1:39 GMT)

At the moment, EURCHF’s rate is down -6 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCHF has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 down 58 pips (0.6%) since the day prior (opening today near 0.9643), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, EURCHF ended up ranking 30th for the day in terms of price change. Here is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Notably, EURCHF crossed below its 20 day moving average yesterday. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. 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 4 buy signals on our radar and 0 sell 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.

Daily downtrend. 4H downtrend, LL, LH. Gap filled on 4H will continue to downside.