USDCHF Up 18 Pips Over Past Hour, 3 Day Up Streak Broken; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 10, 2020 16:13 GMT)

At the moment, USDCHF’s rate is up 18 pips (0.2%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDCHF has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

A moment of silence, please, for the end of USDCHF’s 3 day up streak; price ended the previous day down 53 pips (-0.58%) to finish the day at a rate of 0.91232. Relative to other instruments in the Forex asset class, USDCHF ranked 29th the previous day in terms of percentage price change. The price chart of USDCHF below illustrates.

USDCHF

USDCHF Technical Analysis

Coming into today USDCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 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 up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDCHF, with 19 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.58, which is bullish. As for the rationale, technical traders seem to be citing the appearance of divergence, harmonic and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

BUY 5% risk 20 SL Harmonic pattern + Stoches are oversoled and divergence on the 2 Hour


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram