EURCHF Down 0 Pips Over Past Hour, Crosses 20 and 50 Day Moving Averages; Price Base in Formation Over Past 14 and 30 Days

Hourly Update

(Last Updated February 17, 2021 23:18 GMT)

At the moment, EURCHF’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 some doji and pin bar candlestick patterns on EURCHF. Given that we see an uptrend on the 20 and 10 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)

The choppiness in the recent daily price action of EURCHF continues; to start today, it came in at a price of 1.08029, up 7 pips (0.06%) since the previous day. Out of the 39 instruments in the Forex asset class, EURCHF ended up ranking 23rd for the day in terms of price change. Below is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURCHF crossed above its 20 and 50 day moving averages yesterday. 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 50 day average, which is 0.7 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 14 days EURCHF’s price has gone up 9 them.