EUR/CHF 4 Hour Price Update
Updated May 19, 2020 05:11 PM GMT (01:11 PM EST)
The back and forth price flow continues for EUR/CHF, which started the current 4 hour candle off at 1.0636, down 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 24th for the four-hour candle in terms of price change.
EUR/CHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
EUR/CHF is up 9 pips (0.09%) since the previous day (opening today near 1.06069), marking the 2nd day in a row it has gone up. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 8th for the day in terms of price change. The price chart of EUR/CHF below illustrates.
EUR/CHF Technical Analysis
Notably, EUR/CHF is now close to its 20, 50, 100 and 200 day averages, located at 1.054, 1.0549, 1.0591 and 1.0756 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 7 out of the past 14 days. 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 14 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.17, which is neutral. 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.
There is a possibility of temporary retracement to suggested support line (1.0583)….if so, traders can set orders based on Price Action and expect to reach short-term targets…..The price is above the 21-Day WEMA which acts as a dynamic support.