EUR/CHF Price Recap
The back and forth price flow continues for EUR/CHF, which starts today off at 1.06748 US dollars, up 35 pips 0.33% from the previous day. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 16.99% from the day prior, but up 94.66% from the same day the week before. Out of the 40 instruments in the Forex asset class, EUR/CHF ended up ranking 15th for the day in terms of day-over-day price change. The price chart of EUR/CHF below illustrates.
EUR/CHF Technical Analysis
Notably, EUR/CHF crossed above its 20 day moving average yesterday. Volatility for EUR/CHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days EUR/CHF’s price has gone down 8 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on EURCHF, with 18 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 6, which is very 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.
There is a possibility of temporary retracement to suggested support line (1.0665)….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.