NZD/CHF Moves Up For the 2nd Day In A Row, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

NZD/CHF Price Recap

NZD/CHF is up 6 pips (0.09%) since yesterday (with its current price near 0.64575), marking the 2nd day in a row an upward move has occurred. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 17.54% from the day prior, but up 3.46% from the same day the week before. Out of the 40 instruments in the Forex asset class, NZD/CHF ended up ranking 16th for the day in terms of day-over-day price change. Below is a price chart of NZD/CHF.

NZD/CHF Technical Analysis

Coming into today NZD/CHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6376, 0.6327, 0.6335 and 0.6505 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 200 day average, which is 47.8 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 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days NZD/CHF’s price has gone up 20 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

We’re seeing some traders come out with interesting conviction on NZDCHF, with 2 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.22, which is bearish. 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.
How far it can rocket at this bearish zone?RSI already overbought, if want play safe then we can sell at red line.For those already open sell, just wait.Patient drive you profit.