USDCHF Down 2 Pips Over Past Hour, Entered Today Down For the 3rd Consecutive Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 14, 2020 23:13 GMT)

Currently, USDCHF’s rate is down -2 pips (-0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDCHF has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCHF. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on USDCHF; it is now pointing down. 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 18 pips (0.2%) since yesterday (opening today near 0.90867), marking the 3rd consecutive day a decrease has occurred. Compared to its peers in the Forex, USDCHF gave its buyers a return that ranked 31st in terms of percentage change since yesterday. Let’s take a look at price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

Notably, USDCHF crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USDCHF’s price has gone up 7 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCHF, with 19 buy signals on our radar and 11 sell signals. This imputes a buy/sell ratio of 1.73, which is bullish. 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.

Price action + Harmonic Bat and Alternative Bat + Fibo + SR channels


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram