NZDCHF Up 1 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 7, 2020 15:17 GMT)

At the moment, NZDCHF’s rate is up 1 pips (0.02%) from the hour prior. This is the 2nd hour in a row NZDCHF has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 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)

The back and forth price flow continues for NZDCHF, which started today off at 0.61321, up 30 pips 0.5% from yesterday. Relative to other instruments in the Forex asset class, NZDCHF ranked 5th yesterday in terms of percentage price change. The price chart of NZDCHF below illustrates.

NZDCHF

NZDCHF Technical Analysis

First things first: NZDCHF crossed above its 200 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 200 day average, which is 27.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 15 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCHF, with 2 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.12, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of channel, fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Once again, NZDCHF obeyed its trend line as it continues to fall within the range of the trend lines….We could see NZDCHF price level obeyed this trend resistance level multiple times with no sign of breakout….Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram