NZDCHF Up 2 Pips On Hourly Chart, 5 Day Up Streak Snapped; Price Base in Formation Over Past 14 and 90 Days

Hourly Update

(Last Updated September 23, 2020 0:18 GMT)

At the moment, NZDCHF’s rate is up 2 pips (0.03%) from the hour prior. The hourly chart shows that NZDCHF has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

NZDCHF, which opened today priced near 0.6097, is down 53 pips 0.87% since the previous day, marking a reversal from the day prior — and the end of a 5 day positive run. Out of the 40 instruments in the Forex asset class, NZDCHF ended up ranking 36th for the day in terms of price change. Here is a price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

The first thing we should note is that NZDCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6089, 0.6074, 0.6063 and 0.6085 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 20 day average, which is 8.2 pips away. 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days NZDCHF’s price has gone up 16 them.

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 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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