NZD/CHF Down 22 Pips; in a Downtrend Over Past 90 Days

NZD/CHF Price Recap

NZD/CHF is down 22 pips (0.36%) since yesterday (with its current price near 0.6208), marking the 2nd day in a row it has gone down. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 3.11% from the day prior, but up 12.53% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CHF ended up ranking 32nd 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

The first thing we should note is that NZD/CHF is now close to its 20 and 100 day averages, located at 0.6284 and 0.6366 respectively, and thus may be at a key juncture along those timeframes. 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 75.9 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Volatility for NZD/CHF has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 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 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Double Top or M shaped chart pattern. Sell Continuation