CHFZAR climbs to highest close ever
Swiss Franc/South African Rand (CHFZAR) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CHFZAR ended the week 3.75% higher at 18.5459 after surging 5594 pips (3.11%) today on low volume. Today's close at 18.5459 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 18.1047, the currency confirmed its breakout through the previous session high after trading up to 4706 pips above it intraday.
Daily Candlestick Chart (CHFZAR as at Mar 27, 2020):
Friday's trading range has been 6272 pips (3.49%), that's slightly above the last trading month's daily average range of 5574 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CHFZAR.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 18.1357 (now S1), which is likely to act as support going forward. The last time this happened on March 18th, CHFZAR gained 0.24% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for CHF/ZAR. Out of 250 times, CHFZAR closed lower 57.20% 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 2.08% and AUDUSD closing 1.65% higher. On the flipside the worst performers have been USDJPY closing -1.48% lower and USDCHF losing -1.27%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 3.95% and EURZAR closing 2.85% higher. The worst performers of the day have been ZARJPY tanking -3.32% and TRYJPY closing -2.45% lower. Read more