NZDCHF Up 3 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Eyes 200 Day Average

Hourly Update

(Last Updated September 9, 2020 15:17 GMT)

Currently, NZDCHF’s rate is up 3 pips (0.05%) from the hour prior. NZDCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on NZDCHF. Given that we see an uptrend on the 20 and 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

NZDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of NZDCHF continues; to start today, it came in at a price of 0.61262, down 6 pips (0.1%) since yesterday. Relative to other instruments in the Forex asset class, NZDCHF ranked 23rd yesterday in terms of percentage price change. The price chart of NZDCHF below illustrates.

NZDCHF

NZDCHF Technical Analysis

Coming into today the current price of NZDCHF 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 200 day average, which is 23.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days NZDCHF’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on NZDCHF, with 5 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel, double top, flag and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Monitoring the price action for a short opportunity….Market made an up impulse, now its moving under a channel, hopefully it will make one more down impulse to complete the wave 5, with that it will be a complete bull flag structure….From the bottom we can monitor the price action for a long opportunity with an amazing risk reward ration.


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