USDCHF Up 5 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Eyes 200 Day Average

Hourly Update

(Last Updated May 4, 2021 2:14 GMT)

At the time of this writing, USDCHF’s rate is up 5 pips (0.05%) from the hour prior. This is the 3rd consecutive hour USDCHF has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 100 and 20 hour moving averages, resulting in them with price now being above them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USDCHF continues; to start today, it came in at a price of 0.91154, down 16 pips (0.17%) since the day prior. Compared to its peers in the Forex, USDCHF gave its buyers a return that ranked 29th in terms of percentage change since the day prior. Below is a price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

The first thing we should note is that the current price of USDCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. The closest is the 200 day average, which is 28.4 pips away. Volatility for USDCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days USDCHF’s price has gone down 7 them. Also, candlestick traders! Note we see doji pattern appearing here as well.