USD/CHF Down 22 Pips; in a Downtrend Over Past 14 Days

USD/CHF Price Recap

USD/CHF enters today at 0.9378 in US dollars, down 22 pips (0.24%) from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 24.77% from the day prior, but up 6.83% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CHF ended up ranking 21st for the day in terms of day-over-day price change. Here is a price chart of USD/CHF.

USD/CHF Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCHF, with 22 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

The market is in a downtrend….The reason why we are buying is ( and that’s of course against the trend ) , that the market has not much strenght to push the price lower….Because of the openig wedge and the resistance at 0.94000 this could be a good breakout trade.