EURCHF Down 6 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Breaks Below 20 Day Average

Hourly Update

(Last Updated September 10, 2020 16:15 GMT)

Currently, EURCHF’s rate is down -6 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on EURCHF; it is now pointing down. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURCHF is down 38 pips (0.35%) since yesterday (opening today near 1.07676), marking the 2nd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, EURCHF ended up ranking 25th for the day in terms of price change. Here is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: EURCHF crossed below its 20 day moving average yesterday. 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 20 day average, which is 7.9 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. Or to simplify this another way, note that out of the past 30 days EURCHF’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 7 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

EUR/CHF ๐Ÿ‡ช๐Ÿ‡บ ๐Ÿ‡จ๐Ÿ‡ญ is rising in the Uptrend….The pair lies also in the RSI oversold area , thus we can expect the RISE!…If you like the idea PLEASE don’t forget to hit the LIKE ๐Ÿ‘๐Ÿ‘๐Ÿ‘buttonAlso share your thoughts and charts here in the comment โŒจ๏ธ section!


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram