CHF/JPY Up 7 Pips Over Past Hour, Underperforms All Forex; Bearish Engulfing Pattern Present – CFD Trading

Hourly Update

(Last Updated May 13, 2021 2:17 GMT)

Currently, CHFJPY’s rate is down -530 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on CHFJPY. 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 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.

CHFJPY End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for CHFJPY, which started today off at 120.641, up 40 pips 0.33% from yesterday. Compared to its peers in the Forex, CHFJPY gave its buyers a return that ranked 19th in terms of percentage change since yesterday. Below is a price chart of CHFJPY.

CHFJPY

CHFJPY Technical Analysis

Coming into today the current price of CHFJPY 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 up over that time. Or to simplify this another way, note that out of the past 30 days CHFJPY’s price has gone up 16 them.

Leave a Reply

Your email address will not be published. Required fields are marked *