USD/CHF 4 Hour Price Update
Updated March 24, 2020 03:21 AM GMT (11:21 PM EST)
The back and forth price flow continues for USD/CHF, which started the current 4 hour candle off at 0.9818, down 21 pips 0.21% from the previous 4 hours. Out of the 36 instruments in the Forex asset class, USD/CHF ended up ranking 25th for the four-hour candle in terms of price change.
USD/CHF Daily New York Session Recap
Updated 21:00 GMT (17:00 EST)
A moment of silence, please, for the end of USD/CHF’s 3 day up streak; price ended the prior day’s New York session down 7 pips (-0.07%) to finish the day at a rate of 0.98521. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 11.2% from the day prior, and up 185.38% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CHF ended up ranking 28th for the day in terms of price change. The price chart of USD/CHF below illustrates.
USD/CHF Technical Analysis
The first thing we should note is that USD/CHF is now close to its 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USD/CHF’s price has gone up 16 them. 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 6 buy signals on our radar and 21 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of triple top and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
TIME TO SELL USDCHF WITH A GREAT RISK/REWARD RATIO….PRICE HAS FORMED A RISING WEDGE STRUCTURE AND IS SITTING JUST UNDER KEY RESISTANCE….AS MY VIEW IN THE SHORT TERM ON USDCHF IS SHORT THIS FOLLOWS MY PLAN.