(Last Updated September 18, 2020 23:15 GMT)
At the time of this writing, EURCHF’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend 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 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)
The back and forth price flow continues for EURCHF, which started today off at 1.07601, up 16 pips 0.15% from the day prior. Out of the 40 instruments in the Forex asset class, EURCHF ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of EURCHF.
EURCHF Technical Analysis
Notably, the current price of EURCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 16 out of the past 30 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURCHF, with 12 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 4, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
we are still in a descending parallel channel, we are currently close to the upper edge of the channel, it is now possible to bounce down again.