EURCHF Up 2 Pips in Last Hour, 3 Day Down Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 14, 2020 2:17 GMT)

At the moment, EURCHF’s rate is up 2 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on EURCHF. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

A moment of silence, please, for the end of EURCHF’s 3 day down streak; price ended yesterday up 7 pips (0.07%) to finish the day at a rate of 1.07406. Relative to other instruments in the Forex asset class, EURCHF ranked 15th yesterday in terms of percentage price change. Here is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

The first thing we should note is that EURCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.0774, 1.0773, 1.0741 and 1.0677 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 14 day horizon; over that time period, price has been moving down. 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 10 days EURCHF’s price has gone down 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.