NZD/CHF Down 0 Pips Over Past Hour, Moves Up For the 3rd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 1:32 GMT)

Currently, NZDCHF’s rate is down 0 (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDCHF. Given that we see an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCHF is up 66 pips (1.06%) since yesterday (opening today near 0.63085), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, NZDCHF gave its buyers a return that ranked 3rd in terms of percentage change since yesterday. The price chart of NZDCHF below illustrates.

NZDCHF

NZDCHF Technical Analysis

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 20 day average, which is 222 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 18 out of the past 30 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCHF; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZD/CHF 11/11/20 – Wednesday – 9:24 AM3 on MT4Rejected on 78% FibRejected off major trend line (PR)Divergence 4hr, dailyForming shooting star 4hr, daily Break of 000 levelCorrelation confirmationHigh divergence weeklyLong term uptrend (-)Trading with the trend