USDCHF Down 2 Pips Over Past Hour; Eyes 200 Day Average

Hourly Update

(Last Updated May 3, 2021 2:14 GMT)

At the time of this writing, USDCHF’s rate is down -2 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCHF has now gone down 5 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 back and forth price flow continues for USDCHF, which started today off at 0.91312, up 42 pips 0.46% from yesterday. Out of the 39 instruments in the Forex asset class, USDCHF ended up ranking 6th for the day in terms of price change. Let’s take a look at price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

Notably, USDCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.9195, 0.9236, 0.9064 and 0.9088 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 200 day average, which is 43.5 pips away. Volatility for USDCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone up 5 out of the past 10 days.