EUR/CHF Up 1 Pips Over Past 4 Hours, 3 Day Up Streak Snapped; is Inching Close to 20, 50 and 200 Day Averages

EUR/CHF 4 Hour Price Update

Updated June 24, 2020 01:11 PM GMT (09:11 AM EST)

EUR/CHF entered the current 4 hour candle at 1.068, up 1 pips (0.01%) from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, EUR/CHF ended up ranking 16th for the four-hour candle in terms of price change.

EUR/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 up days, EUR/CHF snaps its streak, falling 1 pips (-0.01%) over the past day to close at an exchange rate of 1.06831. Relative to other instruments in the Forex asset class, EUR/CHF ranked 27th yesterday in terms of percentage price change. Below is a price chart of EUR/CHF.

EUR/CHF Technical Analysis

The first thing we should note is that EUR/CHF is now close to its 20, 50, 100 and 200 day averages, located at 1.0732, 1.0637, 1.0602 and 1.0712 respectively, and thus may be at a key juncture along those timeframes. 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 200 day average, which is 29.4 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days EUR/CHF’s price has gone up 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 20 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 6.67, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on dailyfx.com; below is a short snippet from it to give you a taste.

EUR/USD has surged to test familiar resistance marking the bounds of its two-year downtrend as EUR/CHF price action seems to suggest improvement in market-wide risk appetite.