USDCHF Down 1 Pips On Hourly Chart, Breaks Above 100 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 16, 2021 18:12 GMT)

At the moment, USDCHF’s rate is down -1 pips (-0.01%) from the hour prior. USDCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 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 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)

USDCHF entered today at 0.91791, up 33 pips (0.36%) from the day prior. Out of the 39 instruments in the Forex asset class, USDCHF ended up ranking 9th for the day in terms of price change. Below is a price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDCHF crossed above its 100 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 20 day average, which is 16.9 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.