NZD/CHF Up 9 Pips, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

NZD/CHF Price Recap

NZD/CHF, currently priced near 0.6247, is up 9 pips 0.14% since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 12.11% from the day before — and down 14.67% from the same day the week before. Relative to other instruments in the Forex asset class, NZD/CHF ranked 13th yesterday in terms of percentage price change. Let’s take a look at price chart of NZD/CHF.

NZD/CHF Technical Analysis

Coming into today NZD/CHF is now close to its 20 and 100 day moving averages, which may act as price barrier for the asset. 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 82.5 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days NZD/CHF’s price has gone up 7 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCHF; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price just bounced off 61.8 fib level and is going to break previous highs solid 50 pip push to the upside if you fancy more bulls on nzd