NZD/CHF Down 5 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated December 28, 2021 1:45 GMT)

At the moment, NZDCHF’s rate is down -5 pips (-0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

NZDCHF is down 15 pips (0.24%) since yesterday (opening today near 0.6251970882), marking the 2nd straight day a decrease has occurred. Relative to other instruments in the Forex asset class, NZDCHF ranked 37th yesterday in terms of percentage price change. Let’s take a look at price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

Notably, the current price of NZDCHF is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for NZDCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days NZDCHF’s price has gone down 20 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCHF, with 0 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Technically we have a strong bearish trend on the NZD against the CHF. This level highlighted in green is critical if it broke which is more likely than not. Entering a short position on a retest is a good trade.Fundamentally NZD is bearish as their GDP contracted from 2.4% to -3.7% so it’s more likely that they want to maintain loose monetary policy to boost their GDP