EUR/CHF Up 11 Pips in Last 4 Hours, 3 Day Down Streak Snapped; Doji and Pin Bar Patterns Appearing on Chart

EUR/CHF 4 Hour Price Update

Updated March 24, 2020 03:23 AM GMT (11:23 PM EST)

The choppiness in the recent four-hour candle price action of EUR/CHF continues; to start the current 4 hour candle, it came in at a price of 1.0569, up 11 pips (0.1%) since the last 4 hour candle. Out of the 36 instruments in the Forex asset class, EUR/CHF ended up ranking 18th for the four-hour candle in terms of price change.

EUR/CHF Daily New York Session Recap

Updated 21:00 GMT (17:00 EST)

A moment of silence, please, for the end of EUR/CHF’s 3 day down streak; price ended yesterday’s New York session up 4 pips (0.04%) to finish the day at a rate of 1.05431. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 1.64% from the day prior, but up 198.51% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 23rd for the day in terms of price change. Below is a price chart of EUR/CHF.

EUR/CHF Technical Analysis

Notably, EUR/CHF is now close to its 20, 50 and 100 day averages, located at 1.0601, 1.0654 and 1.0791 respectively, and thus may be at a key juncture along those timeframes. In addition to the moving average crossover, EUR/CHF may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 18 out of the past 30 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 4 sell signals. This imputes a buy/sell ratio of 2.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EURCHFThe price is forming a potential falling wedge I will open BUY on the 3rd touch of the trendline if price gives any bullish signal…..In case,If price don’t give any bullish signal then don’t open trade and wait for another opportunity……Take entry only after price gives bullish signals..