USD/CHF Down 1 Pips in Last Hour, Moves Up For the 3rd Day In A Row; Nears 50 and 100 Day Moving Averages

Hourly Update

(Last Updated November 12, 2020 1:27 GMT)

Currently, USDCHF’s rate is down -0.0001 (-0.01%) from the hour prior. USDCHF has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCHF. 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. 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)

USDCHF is up 17 pips (0.18%) since yesterday (opening today near 0.9166), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, USDCHF ranked 14th yesterday in terms of percentage price change. Let’s take a look at price chart of USDCHF.


USDCHF Technical Analysis

Notably, the current price of USDCHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCHF, with 10 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.77, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

It retested it sucessfully and so the market is moving in a box underneath this sidewards market….Now let’s move on to the H4-Timeframe (Thumbnail): the Trendline and the Resistance we considered on the daily Timeframe, we can here see a double top Pattern….But this game has also another side: *If* a pattern/structure/situation is very *obvious*, that means many Traders would trade them and the effect would be bigger.