NZD/CHF Down 1 Pips On Hourly Chart, Makes Big Move Relative to Past Three Months; Breaks Below 100 Day Average

Hourly Update

(Last Updated May 10, 2022 1:43 GMT)

At the time of this writing, NZDCHF’s rate is down -1 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCHF has now gone down 4 of the past 5 hours. 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 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)

The choppiness in the recent daily price action of NZDCHF continues; to start today, it came in at a price of 0.62803455, down 51 pips (0.81%) since the day prior. Out of the 39 instruments in the Forex asset class, NZDCHF ended up ranking 31st for the day in terms of price change. The price chart of NZDCHF below illustrates.

NZDCHF

NZDCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCHF crossed below its 100 day moving average yesterday. 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 100 day average, which is 2.3 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 17 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 2 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.4, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price is at a support level, Followed by a bullish correction pattern, Inverted head and shoulders pattern