EUR/CHF Up 3 Pips Over Past 4 Hours, 4 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart

EUR/CHF 4 Hour Price Update

Updated June 22, 2020 01:07 PM GMT (09:07 AM EST)

EUR/CHF is up 3 pips (0.03%) since the last 4 hour candle (opening the current 4 hour candle near 1.0655), marking the 4th candle in a row it has gone up. Compared to its peers in the Forex, EUR/CHF gave its buyers a return that ranked 14th in terms of percentage change since the last 4 hour candle.

EUR/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

EUR/CHF, which opened today priced near 1.06441, is up 5 pips 0.05% since yesterday, marking a reversal from the day prior — and the end of a 4 day negative run. Relative to other instruments in the Forex asset class, EUR/CHF ranked 7th yesterday in terms of percentage price change. Here is a price chart of EUR/CHF.

EUR/CHF Technical Analysis

The first thing we should note is that the current price of EUR/CHF 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. 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 50 day average, which is 15.9 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 down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days EUR/CHF’s price has gone up 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on EURCHF, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. 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.

đŸ’¡Hello followers,I will really apricate any likes and follows, that would help growing this channel.EUR/CHF is in descending channel. We could see price going lower to test this channel support line.Let us know what you think about this idea.Trade safe !