USD/CHF Down 12 Pips in Last Hour; in an Uptrend Over Past 14 Days
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
(Last Updated February 24, 2021)
Welcome to the news page for USDCHF (USDCHF). Below you’ll find our daily market updates. Here’s a technical and fundamental summary of where things currently stand:
metric_name | reference_period | asset_name | asset_id | date | time | forecast | outcome |
---|---|---|---|---|---|---|---|
United States New Home Sales MoM | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 2.1% | |
United States New Home Sales | Jan 2021 | US Dollar | USD | 2021-02-24 | 15:00 GMT | 0.855M | |
United States Fed Chair Powell Testimony | NA | US Dollar | USD | 2021-02-24 | 15:00 GMT | ||
United States EIA Refinery Crude Runs Change | 19/Feb 2021 | US Dollar | USD | 2021-02-24 | 15:30 GMT | ||
United States EIA Heating Oil Stocks Change | 19/Feb 2021 | US Dollar | USD | 2021-02-24 | 15:30 GMT |
A trend/countertrend situation exists on USDCHF, 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 USDCHF can be understood by observing the behavior of its moving averages. The 20 and 50 day averages are pointing upwards, suggesting a bullish trend, while the 100 and 200 day averages are pointing downward, suggesting a bearish trend on those timeframes. 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.
Below is a chart showing USDCHF’s price with its moving averages.
As for assets in the Forex asset class USDCHF has been correlated to over the past week, it has demonstrated the strongest correlation with USDNOK. If we zoom out to a two week basis, though, CADCHF is the asset most correlated to USDCHF. Alternatively, the asset least correlated with USDCHF over the past week has been TRYJPY, but if we observe the prior two weeks, the asset least correlated with USDCHF has been USDSEK. The chart below illustrates USDCHF against its least correlated assets.
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Currently, USDCHF’s rate is up 85 pips (0.94%) from the week prior. USDCHF has seen its price go up 4 out of the past 5 weeks, thus creating some compelling opportunities for bulls. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The weekly chart below shows USDCHF’s price action over the past year.
Clearest trend on the monthly is apparent at the 24 month timeframe.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
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.
This move is a reversal from the hour prior, which saw price move up.
The closest is the 100 day average, which is 61.9 pips away.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.