(Last Updated November 23, 2020 2:14 GMT)
Currently, USDCHF’s rate is down -4 pips (-0.04%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCHF has now gone down 8 of the past 10 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on USDCHF. Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 and 50 hour changed directions on USDCHF; they are now pointing down. 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)
A moment of silence, please, for the end of USDCHF’s 3 day down streak; price ended the day prior up 7 pips (0.08%) to finish the day at a rate of 0.91093. 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. Here is a price chart of USDCHF.
USDCHF Technical Analysis
Coming into today USDCHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days USDCHF’s price has gone down 9 them.