USD/CHF Heads Up For the 2nd Day In A Row, Breaks Above 50 Day Average; in a Downtrend Over Past 30 Days

USD/CHF Price Recap

USD/CHF is up 69 pips (0.72%) since yesterday (with its current price near 0.96769), marking the 2nd day in a row an increase has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 10% from the day prior, and up 62.08% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CHF ended up ranking 13th for the day in terms of day-over-day price change. Below is a price chart of USD/CHF.

USD/CHF Technical Analysis

Notably, USD/CHF crossed above its 50 day moving average yesterday. 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 up 5 them.

A final note on correlations: over the past 7 days, USD/CHF has been most correlated with USD/SEK — a common occurrence, given the presence of USD in both currency pairs. As for pairs with the least correlation, EUR/USD is the pair that holds that distinction for the past two weeks.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCHF, with 11 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.85, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Plotted an extrapolation anchor points and applied Newtonian reaction space which predicted reversal….And happened to be a hybrid fractal candle….Placed my stop loss and fractal candle and take profit at around 50% Fib retracement.