USDCHF Down 7 Pips Over Past Hour, in a Downtrend Over Past 30 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated January 6, 2021 2:14 GMT)

Currently, USDCHF’s rate is down -7 pips (-0.08%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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)

The back and forth price flow continues for USDCHF, which started today off at 0.88114, down 44 pips 0.5% from yesterday. Relative to other instruments in the Forex asset class, USDCHF ranked 29th yesterday in terms of percentage price change. Let’s take a look at price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

Notably, USDCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 10 out of the past 14 days. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!