(Last Updated September 21, 2020)
Welcome to the news page for EURCHF (EURCHF). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
As for trends on EURCHF, we’re seeing a downtrend on shorter timeframes — but an uptrend on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
Nuances in the trend on EURCHF can be understood by observing the behavior of its moving averages. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 200 are bullish, implying a upward trend, aside from a drop about 6 months prior. Moreover, today we saw the 20 moving average turn bullish.
Below is a chart showing EURCHF’s price with its moving averages.
As for assets in the Forex asset class EURCHF has been correlated to over the past week, it has demonstrated the strongest correlation with GBPNZD. If we zoom out to a two week basis, though, the asset showing the strongest correlation to EURCHF is CADCHF. Alternatively, AUDCHF has been the asset least correlated with EURCHF — but if we observe the prior two weeks, AUDNZD has been the asset least correlated with EURCHF. The chart below illustrates EURCHF against its least correlated assets.
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At the moment, EURCHF’s rate is up 0.0024 (0.23%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows EURCHF’s price action over the past year.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern.
Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on eurchf.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
Relative to other instruments in the forex asset class, eurchf ranked 31st the previous day in terms of percentage price change.
As for the rationale, technical traders seem to be citing the appearance of harmonic and trendline technical patterns.
Compared to its peers in the forex, eurchf gave its buyers a return that ranked 19th in terms of percentage change since the previous day.
This imputes a buy/sell ratio of 1.25, which is bullish.
It’s been a feast for bears operating on an hourly timeframe, as eurchf has now gone down 4 of the past 5 hours.
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.