GBP/CHF 3 Day Up Streak Broken, in an Uptrend Over Past 14 Days; Eyes 50 Day Average

GBP/CHF Price Recap

A moment of silence, please, for the end of GBP/CHF’s 3 day down streak; price ended yesterday up 26 pips (0.21%) to finish the day at a rate of rate of 1.27774. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 58.1% from the day prior, but down 18.82% from the same day the week before. Relative to other instruments in the Forex asset class, GBP/CHF ranked 12th yesterday in terms of percentage price change. The price chart of GBP/CHF below illustrates.

GBP/CHF Technical Analysis

Coming into today the current price of GBP/CHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 50 day average, which is 46.8 pips away. Volatility for GBP/CHF has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days GBP/CHF’s price has gone up 10 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 5 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.38, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com that we thought you might enjoy.