EUR/CHF Makes Big Move Relative to Two Week Trend, Heads Down For the 2nd Day In A Row; Breaks Below 20 Day Average

EUR/CHF Price Recap

EUR/CHF is down 28 pips (0.27%) since yesterday (with its current price near 1.06251), marking the 2nd day in a row a decrease has occurred. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 11.74% from the day before — and down 10.18% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 26th 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

First things first: EUR/CHF crossed below its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days EUR/CHF’s price has gone up 5 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 11 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 11, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on that we thought you might enjoy.