USD/CHF Up 5 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Sentiment Strongly Favors Sellers

USD/CHF 4 Hour Price Update

Updated May 25, 2020 09:06 PM GMT (05:06 PM EST)

USD/CHF is up 5 pips (0.05%) since the last 4 hour candle (opening the current 4 hour candle near 0.9715), marking the 2nd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, USD/CHF ended up ranking 9th for the four-hour candle in terms of price change.

USD/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CHF is up 1 pips (0.01%) since the day prior (opening today near 0.971), marking the 3rd day in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USD/CHF ranked 23rd the day prior in terms of percentage price change. Let’s take a look at price chart of USD/CHF.

USD/CHF Technical Analysis

Coming into today USD/CHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 20 day average, which is 11.6 pips away. It should be noted, though, the 100 day simple moving average turned downwards, which may be a bearish sign. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCHF, with 7 buy signals on our radar and 28 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

While the price is above the support 0.9180, the beginning of uptrend is expected.Before we make sure when the resistance at 0.9900 breaks….If the support at 0.9180 is broken, the short-term forecast we will not enter the uptrend….So confirmation is compulsory before we enter a trade.