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.