EURCHF Down 8 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; is Inching Close to 20, 50 and 100 Day Averages
This move is a reversal from the hour prior, which saw price move up.
EURCHF
(Last Updated October 22, 2020)
Hello! This is the news page for EURCHF. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
A trend/countertrend situation exists on EURCHF, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
EURCHF Moving Averages
EURCHF’s moving averages suggest the trend on a number of time horizons is bearish. Moreover, it should also be noted that the 100 SMA just turned bearish today.
The chart below illustrates.
In terms of correlations over the past week for EURCHF, it has been most correlated with USDCAD. If we zoom out to a two week basis, though, the asset showing the strongest correlation to EURCHF is AUDCAD. On the flip side, CHFJPY has been the asset least correlated with EURCHF — but if we observe the prior two weeks, the asset least correlated with EURCHF has been EURUSD. 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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The View From the Weekly Timeframe
At the time of this writing, EURCHF’s rate is up 0.0011 (0.1%) 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. Regarding moving averages, it should first be noted that price has crossed the 50 week moving average, resulting in them so that price is now turning above it. Looking further out, the moving averages on the weekly timeframe suggest a bearishness in price, as the 20 and 50 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend. EURCHF’s weekly price action over the past 52 weeks can be seen via the chart below.
EURCHF: The Monthly View
Clearest trend on the monthly is apparent at the 24 month timeframe.
EURCHF Down 0 Pips On Hourly Chart, Crosses 20 and 50 Day Moving Averages; Price Base in Formation Over Past 14 and 30 Days
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
EURCHF Down 4 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Nears 20, 50 and 100 Day Moving Averages
Compared to its peers in the forex, eurchf gave its buyers a return that ranked 25th in terms of percentage change since the previous day.
EUR/CHF Down 2 Pips in Last Hour, Entered Today Down For the 3rd Straight Day; is Inching Close to 20, 50 and 100 Day Averages
As for the rationale, technical traders seem to be citing the appearance of elliott wave and relative strength index technical patterns.
EURCHF Down 0 Pips On Hourly Chart, 3 Day Down Streak Snapped; Eyes 20, 50 and 100 Day Averages
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurchf.
EUR/CHF Up 7 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Nears 20 and 50 Day Moving Averages
Or to simplify this another way, note that out of the past 30 days eurchf’s price has gone up 16 them.
EURCHF Up 3 Pips Over Past Hour, is Inching Close to 20 and 50 Day Averages; Doji and Pin Bar Patterns Appearing on Chart
And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well.
EURCHF Up 7 Pips Over Past Hour, 2 Day Down Streak Broken; in an Uptrend Over Past 14 Days
From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
EURCHF Up 5 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 10 days eurchf’s price has gone up 5 them.
EURCHF Up 1 Pips in Last Hour, Came Into Today Up For the 3rd Day In A Row; Crosses 20 Day Moving Average
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.