EURCHF Down 0 Pips in Last Hour, Entered Today Up For the 2nd Consecutive Day; Breaks Above 20 and 50 Day Averages

Hourly Update

(Last Updated September 22, 2020 0:15 GMT)

At the time of this writing, 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. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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 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 up 29 pips (0.27%) since yesterday (opening today near 1.07889), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, EURCHF ranked 9th yesterday in terms of percentage price change. Here is a price chart of EURCHF.

EURCHF

EURCHF Technical Analysis

Notably, EURCHF crossed above its 20 and 50 day moving averages yesterday. 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 17 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 3 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.75, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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