USDCHF Up 1 Pips in Last Hour, Moves Down For the 3rd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 7, 2021 2:14 GMT)

Currently, USDCHF’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCHF. Given that we see downtrend on the 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDCHF is down 1 pips (0.01%) since yesterday (opening today near 0.87815), marking the 3rd consecutive day a decrease has occurred. Compared to its peers in the Forex, USDCHF gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Here is a price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

The first thing we should note is that USDCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.