EUR/CHF Makes Big Move Relative to Two Week Trend, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

EUR/CHF Price Recap

A moment of silence, please, for the end of EUR/CHF’s 3 day down streak; price ended yesterday up 5 pips (0.05%) to finish the day at a rate of 1.05806. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 19.28% from the day prior, but up 130.26% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/CHF ranked 22nd yesterday in terms of percentage price change. Below is a price chart of EUR/CHF.

EUR/CHF Technical Analysis

Notably, EUR/CHF is now close to its 20, 50 and 100 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. Or to simplify this another way, note that out of the past 10 days EUR/CHF’s price has gone up 5 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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 6 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We can see a channel down on the 1h chart….I think it will change and break out of the pattern due to the GDP news of the Eurostat….We will have to wait for the confirmed news tho, to be sure for a better view, where we could end this channel down.