NZD/CHF Down 1 Pips On Hourly Chart, Entered Today Up For the 3rd Straight Day; is Inching Close to 20 and 100 Day Averages

Hourly Update

(Last Updated October 5, 2020 16:26 GMT)

Currently, NZDCHF’s rate is down -0.0001 (-0.02%) from the hour prior. This is the 3rd consecutive hour NZDCHF has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 downtrend on the 20 and 10 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.

NZDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCHF is up 2 pips (0.04%) since the previous day (opening today near 0.6102), marking the 3rd straight day an upward move has occurred. Relative to other instruments in the Forex asset class, NZDCHF ranked 13th the previous day in terms of percentage price change. Let’s take a look at price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

Coming into today the current price of NZDCHF 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 20 day average, which is 14.3 pips away. Or to simplify this another way, note that out of the past 14 days NZDCHF’s price has gone up 9 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCHF, with 1 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0.17, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Welcome to our weekly trade setup ( NZDCHF )!-1 HOURBearish break and closure below main sr level.4 HOURLooks like prices might turn bearish now..DAILYGood short entries to follow midterm trend.-FOREX SWINGSELL NZDHCFENTRY LEVEL @ 0.60900SL @ 0.61130TP @ 0.60570Max Risk. 0.5% – 1%!(Remember to add a few pips to all levels – different Brokers!)Leave us a comment or like to keep our content for free and alive.Have a great week everyone!ALAN