CHFZAR closes within previous day's range after lackluster session
Swiss Franc/South African Rand (CHFZAR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
CHFZAR ended Thursday at 17.9865 gaining 2457 pips (1.38%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (CHFZAR as at Mar 26, 2020):
Thursday's trading range has been 4183 pips (2.36%), that's below the last trading month's daily average range of 5458 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CHFZAR. Prices continued to consolidate within a tight trading range between 17.5197 and 18.2001 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, CHFZAR actually lost -1.48% on the following trading day.
Prices are trading close to the key technical resistance level at 18.1357 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 18.2001 where further buy stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for CHF/ZAR. Out of 528 times, CHFZAR closed lower 53.79% of the time on the next trading day after the market condition occurred.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 2.72% and NZDUSD closing 1.88% higher. On the flipside the worst performers have been USDCHF closing -1.43% lower and USDJPY losing -1.42%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPHKD surging 2.72% and GBPZAR closing 2.65% higher. The worst performers of the day have been USDMXN tanking -4.12% and USDNOK closing -3.12% lower. Read more