EURCHF Down 0 Pips On Hourly Chart, 2 Day Up Streak Broken; is Inching Close to 20 and 50 Day Averages

Hourly Update

(Last Updated September 16, 2020 23:15 GMT)

Currently, EURCHF’s rate is down 0 pips (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on EURCHF. Given that we see downtrend on the 20 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)

EURCHF entered today at 1.07561, down 19 pips (0.18%) from yesterday. Relative to other instruments in the Forex asset class, EURCHF ranked 31st yesterday in terms of percentage price change. The price chart of EURCHF below illustrates.

EURCHF

EURCHF Technical Analysis

Coming into today EURCHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone down 6 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on EURCHF, with 9 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of harmonic and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This is complte breakdown of situtation on eurchf we would go for long after price touches the trendline


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