This move is a reversal from the hour prior, which saw price move up.
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.
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.
As for the rationale, technical traders seem to be citing the appearance of elliott wave and relative strength index technical patterns.
Price action traders may also wish to note that we see a pin bar candlestick pattern on eurchf.
Or to simplify this another way, note that out of the past 30 days eurchf’s price has gone up 16 them.
And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well.
From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes.
Or to simplify this another way, note that out of the past 10 days eurchf’s price has gone up 5 them.
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.