NZD/CHF Down 3 Pips; Eyes 20 Day Average

NZD/CHF Price Recap

0.6312 (USD) was the opening price of the day for NZD/CHF, resulting in yesterday being a day in which price moved down 3 pips 0.04% from the day prior. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 30.64% from the day before — and down 45.69% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CHF ended up ranking 21st for the day in terms of day-over-day price change. The price chart of NZD/CHF below illustrates.

NZD/CHF Technical Analysis

Coming into today the current price of NZD/CHF 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 1.7 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 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 8 out of the past 14 days.

A final note on correlations: over the past 7 days, the currency pair bearing the strongest correlation to NZD/CHF has been NZD/USD — not terribly surprising, given that NZD is in both currency pairs. As for pairs with the least correlation, EUR/NZD is the pair that holds that distinction for the past two weeks.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCHF, with 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of flag and relative strength index technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Short setup on NZDCHF. Price resisting downward trend line. RSI and MACD showing signs of weakness and potential drop.Please like this idea if you find it useful!