USD/CHF Down 39 Pips; in a Downtrend Over Past 30 Days

USD/CHF Price Recap

The choppiness in the recent daily price action of USD/CHF continues; to start today, it comes in at a price of 0.94671 US dollars, down 39 pips (0.41%) since yesterday. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 40.22% from the day prior, and up 293.94% from the same day the week before. Relative to other instruments in the Forex asset class, USD/CHF ranked 25th yesterday in terms of percentage price change. Let’s take a look at price chart of USD/CHF.

USD/CHF Technical Analysis

The first thing we should note is that the current price of USD/CHF is sitting close to its 20 and 50 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 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USD/CHF’s price has gone down 6 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCHF, with 9 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Selling USDCHF from this level, Key supply zone, Key S&R level Broken a Descending channel and has come back to retest price.