(Last Updated May 28, 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:
A trend/countertrend situation exists on EURCHF, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.
Nuances in the trend on EURCHF can be understood by observing the behavior of its moving averages. The 20 and 50 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 100 and 200 day averages that imply a bearish trend. This implies that the long-term trend — meaning going back over 3 months — is bearish, while the trend over the past month and a half is bullish.
The chart below illustrates.
As for correlation, In terms of correlations over the past week for EURCHF, it has demonstrated the strongest correlation with EURJPY. EURCHF has been most correlated with EURJPY over the past 14 days also, so this may be a structural correlation in the market. Alternatively, USDHKD has been the asset least correlated with EURCHF — but if we observe the prior two weeks, the asset least correlated with EURCHF has been GBPCHF. See the chart below to observe the recent price action in EURCHF versus those of assets it hasn’t been well correlated with.
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Compared to its peers in the forex, eur/chf gave its buyers a return that ranked 16th in terms of percentage change since the previous day.
As for the rationale, technical traders seem to be citing the appearance of double top and relative strength index technical patterns.
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.
And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well.
Price is making a pullback in wave (ii) after the strong breakout….
Relative to other instruments in the forex asset class, eur/chf ranked 27th the day prior in terms of percentage price change.
Compared to its peers in the forex, eur/chf gave its buyers a return that ranked 27th in terms of percentage change since yesterday.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
This imputes a buy/sell ratio of 3, which is bullish.