CHFAUD closes higher for the 4th day in a row


Swiss Franc/Australian Dollar (CHFAUD) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

CHFAUD rises to highest close since June 26th
CHFAUD closes higher for the 4th day in a row
CHFAUD closes within previous day's range

Overview

Moving higher for the 4th day in a row, CHFAUD ended the month 0.23% higher at 1.5328 after gaining 37 pips (0.24%) today on high volume. Today's close at 1.5328 marks the highest recorded closing price since June 26th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (CHFAUD as at Jul 31, 2020):

Daily technical analysis candlestick chart for Swiss Franc/Australian Dollar (CHFAUD) as at Jul 31, 2020

Friday's trading range has been 107 pips (0.7%), that's slightly below the last trading month's daily average range of 121 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CHFAUD.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Prices are trading close to the key technical support level at 1.5251 (S1).

Though the pair is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Buying could accelerate should prices move above the close-by swing high at 1.5389 where further buy stops might get triggered.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for CHF/AUD. Out of 75 times, CHFAUD closed higher 56.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 49.33% with an average market move of -0.01%.


Market Conditions for CHFAUD as at Jul 31, 2020

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