EURCHF Down 4 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated October 6, 2020 15:15 GMT)

Currently, EURCHF’s rate is down -4 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as EURCHF has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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)

After 3 up days, EURCHF snaps its streak, falling 0 pips (0%) over the past day to close at an exchange rate of 1.07807. Compared to its peers in the Forex, EURCHF gave its buyers a return that ranked 25th in terms of percentage change since the previous day. Here is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Coming into today EURCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.0777, 1.0774, 1.0732 and 1.068 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 14 days EURCHF’s price has gone down 7 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 15 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 1.15, which is neutral. As for the rationale, technical traders seem to be citing the appearance of elliott wave and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

if so, traders can set orders based on Price Action and expect to reach short-term targets.” Technical analysis: ….Be sure to leave a comment let us know how you see this opportunity and forecast….Trade well, ❤️ForecastCity English Support Team ❤️