(Last Updated July 22, 2021 3:12 GMT)
At the moment, USDCHF’s rate is down -5 pips (-0.05%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 0.91755, down 38 pips 0.41% from yesterday. Relative to other instruments in the Forex asset class, USDCHF ranked 32nd yesterday in terms of percentage price change. Below is a price chart of USDCHF.
USDCHF Technical Analysis
Moving average crossovers are always interesting, so let’s start there: USDCHF crossed below its 20 day moving average yesterday. 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 100 day average, which is 11.8 pips away. It should be noted, though, the 20 and 100 day simple moving averages turned downwards, which may be a bearish sign. 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 up. For additional context, note that price has gone up 19 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.