EURCHF Up 2 Pips On Hourly Chart, 3 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 15, 2020 23:16 GMT)

At the moment, EURCHF’s rate is up 2 pips (0.02%) from the hour prior. This is the 2nd consecutive hour EURCHF has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCHF, which opened today priced near 1.07645, is up 6 pips 0.06% since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 19th in terms of percentage change since the previous day. Below is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

The first thing we should note is that EURCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.0776, 1.0751, 1.0694 and 1.069 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days EURCHF’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 10 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price action + Elliott + Harmonic Butterfly + Fibo


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram