USDCHF Up 1 Pips Over Past Hour, 3 Day Down Streak Ended; Eyes 20 Day Average

Hourly Update

(Last Updated January 1, 2021 3:14 GMT)

Currently, USDCHF’s rate is up 1 pips (0.01%) from the hour prior. USDCHF has seen its price go up 5 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDCHF. Given that we see an uptrend on the 20, 10 and 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

After 3 down days, USDCHF snaps its streak, rising 43 pips (0.49%) over the past day to close at an exchange rate of 0.88558. Out of the 40 instruments in the Forex asset class, USDCHF ended up ranking 7th 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 and 100 day averages, located at 0.8871, 0.9005 and 0.9066 respectively, and thus may be at a key juncture along those timeframes. 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. 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 30 days USDCHF’s price has gone down 20 them.