EUR/CHF Makes Big Move Relative to Two Week Trend, Moves Up For the 2nd Day In A Row; is Inching Close to 20 Day Average

EUR/CHF Price Recap

EUR/CHF is up 21 pips (0.2%) since yesterday (with its current price near 1.06017), marking the 2nd day in a row it has gone up. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 11.97% from the day prior, but up 38.39% from the same day the week before. Relative to other instruments in the Forex asset class, EUR/CHF ranked 18th yesterday in terms of percentage price change. Let’s take a look at price chart of EUR/CHF.

EUR/CHF Technical Analysis

Coming into today the current price of EUR/CHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 30 days EUR/CHF’s price has gone down 19 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 6 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1, which is neutral. 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.