(Last Updated November 17, 2020 2:14 GMT)
Currently, USDCHF’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCHF has now gone down 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
USDCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
The choppiness in the recent daily price action of USDCHF continues; to start today, it came in at a price of 0.91226, up 12 pips (0.14%) since the day prior. Compared to its peers in the Forex, USDCHF gave its buyers a return that ranked 18th in terms of percentage change since the day prior. Let’s take a look at price chart of USDCHF.
USDCHF Technical Analysis
Coming into today USDCHF is now close to its 20, 50 and 100 day averages, located at 0.9104, 0.9134 and 0.9175 respectively, and thus may be at a key juncture along those timeframes. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 15 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.