EUR/CHF Down 11 Pips Over Past 4 Hours, Entered Today Up For the 3rd Day In A Row; Doji and Pin Bar Patterns Appearing on Chart

EUR/CHF 4 Hour Price Update

Updated July 21, 2020 09:09 AM GMT (05:09 AM EST)

EUR/CHF is down 11 pips (0.1%) since the last 4 hour candle (opening the current 4 hour candle near 1.0734), marking the 2nd candle in a row a decline has happened. Relative to other instruments in the Forex asset class, EUR/CHF ranked 31st the last 4 hour candle in terms of percentage price change.

EUR/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/CHF is up 7 pips (0.07%) since yesterday (opening today near 1.07539), marking the 3rd day in a row an upward move has occurred. Compared to its peers in the Forex, EUR/CHF gave its buyers a return that ranked 9th in terms of percentage change since yesterday. Let’s take a look at 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 1.0675, 1.0692, 1.062 and 1.0678 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 50 day average, which is 62.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 9 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 9, 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 tradingview.com; below is a short snippet from it to give you a taste.

It’s been a great trade when it comes to momentum and clear direction….If it breaks down, we could target 61.8 area which would be understandable for deeper pull back….Key tip: wait for the break out and target the pull back to take the momentum trade of which ever direction it breaks to.