EURCHF Up 3 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated May 6, 2021 3:18 GMT)

Currently, EURCHF’s rate is up 3 pips (0.03%) from the hour prior. EURCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCHF. Given that we see an uptrend on the 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 and 5 hourly candle timeframe, so the meaning of the candles may require further exploration. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCHF is down 12 pips (0.11%) since the day prior (opening today near 1.09635), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, EURCHF ended up ranking 27th for the day in terms of price change. Let’s take a look at price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

The first thing we should note is that the current price of EURCHF 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. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 100 day average, which is 33 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 10 days EURCHF’s price has gone down 7 them.