NZD/CHF Down 46 Pips, in a Downtrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

NZD/CHF Price Recap

NZD/CHF enters today at 0.5718 in US dollars, down 46 pips (0.79%) from the day prior. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 10.93% from the day prior, and up 219.14% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CHF ended up ranking 28th for the day in terms of day-over-day price change. Below is a price chart of NZD/CHF.

NZD/CHF Technical Analysis

The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days NZD/CHF’s price has gone down 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCHF; just 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I think price is on a very strong support line. Then it will start bullish trend. But first we need to wait some confirmation like moving averages, MACD, RSI and some candlestick patterns