USDCHF Down 0 Pips On Hourly Chart, Moves Down For the 2nd Day In A Row; Nears 20 and 100 Day Moving Averages

Hourly Update

(Last Updated July 13, 2021 1:12 GMT)

At the moment, USDCHF’s rate is down 0 pips (0%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 is down 11 pips (0.12%) since yesterday (opening today near 0.91375), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, USDCHF ranked 31st yesterday in terms of percentage price change. Let’s take a look at price chart of USDCHF.

USDCHF

USDCHF Technical Analysis

Coming into today USDCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.9175, 0.9077, 0.9157 and 0.9074 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 19 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 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 10 days.