USD/CHF Up 59 Pips; in a Downtrend Over Past 30 Days

USD/CHF Price Recap

The back and forth price flow continues for USD/CHF, which starts today off at 0.94372 US dollars, up 59 pips 0.63% from the previous day. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 45.2% from the day prior, and up 34.01% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/CHF ended up ranking 16th for the day in terms of day-over-day price change. The price chart of USD/CHF below illustrates.

USD/CHF Technical Analysis

The first thing we should note is that the current price of USD/CHF is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USD/CHF’s price has gone down 9 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDCHF, with 14 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.93, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USDCHF made a massive impulsive move to the downside as we can see and now correcting (bullish)….So I expect the asset to make the correction to around the blue zone, which has been tested and rejected earlier (STRONG RESISTANCE LEVEL FROM THE MONTHLY) with invalidation of the short position just above the 61.8 fib retracement level of the daily timeframe.