EUR/CHF Heads Down For the 2nd Day In A Row, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

EUR/CHF Price Recap

EUR/CHF is down 2 pips (0.02%) since yesterday (with its current price near 1.06101), marking the 2nd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 5.82% from the day prior, but up 37.88% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 20th for the day in terms of day-over-day price change. Let’s take a look at price chart of EUR/CHF.

EUR/CHF Technical Analysis

Notably, EUR/CHF is now close to its 20, 50 and 100 day averages, located at 1.0663, 1.0762 and 1.0868 respectively, and thus may be at a key juncture along those timeframes. Volatility for EUR/CHF has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 23 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 13 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 6.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of triangle and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Chart / Signal Number : 88Pair : eurchfEntry : buyTP: TP1 1.080-85, TP2 1.100, TP3 1.117, TP4 1.14Comment : eurchf on desc wedge inside huge descending wedge. per technical this is simple boed and longterm TP min 200 pips, max 800 pips