NZD/CHF 7 Day Down Streak Broken, in an Uptrend Over Past 90 Days; is Inching Close to 50 and 200 Day Averages

NZD/CHF Price Recap

NZD/CHF, currently priced near 0.64355, is down 18 pips 0.28% since yesterday, marking a reversal from the day prior — and the end of a 7 day negative run. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 9.79% from the day prior, but up 4.86% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CHF ended up ranking 33rd for the day in terms of day-over-day price change. Let’s take a look at price chart of NZD/CHF.

NZD/CHF Technical Analysis

Coming into today NZD/CHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 12.7 pips away. Volatility for NZD/CHF has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. 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 down 15 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCHF, with 7 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 1.4, 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.

reasons for short:third touch of a trendline + wicks show sell pressure on the 4hsl above previous hightp above nect resistance