USDCHF Up 10 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated April 28, 2021 2:14 GMT)

At the time of this writing, USDCHF’s rate is up 10 pips (0.11%) from the hour prior. The hourly chart shows that USDCHF has seen 3 straight up hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them so that price is now turning above them. 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 choppiness in the recent daily price action of USDCHF continues; to start today, it came in at a price of 0.91399, down 5 pips (0.05%) since yesterday. Out of the 39 instruments in the Forex asset class, USDCHF ended up ranking 25th for the day in terms of price change. Below is a price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

The first thing we should note is that USDCHF is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 200 day average, which is 48.7 pips away. 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 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days USDCHF’s price has gone down 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.