EUR/CHF Makes Big Move Relative to Two Week Trend, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

EUR/CHF Price Recap

EUR/CHF is up 7 pips (0.06%) since yesterday (with its current price near 1.06815), marking the 2nd day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 11.7% from the day prior, and up 130.88% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 19th for the day in terms of day-over-day price change. Below is a price chart of EUR/CHF.

EUR/CHF Technical Analysis

The first thing we should note is that the current price of EUR/CHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 14 days EUR/CHF’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 17 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 5.67, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

At this point there is a chance that it will start going to reach the higher lows that it was created….If it reaches the stop loss then it will continue to go down….If such thing happens , Wait for my signal to buy again_________________________This trade idea was created for Global Traders Team portfolio managersIf you would like to know more about the project you can reach us at social media https://www.instagram.com/globaltradersteam/https://www.facebook.com/GlobalTradersTeamhttps://www.youtube.com/channel/UCVy_TMTbWKgRCF9NN5X0aJQor directly writing a message :http://globaltradersteam.com/