GBP/CHF 4 Hour Price Update
Updated June 19, 2020 09:23 AM GMT (05:23 AM EST)
GBP/CHF is down 7 pips (0.06%) since the previous 4 hours (opening the current 4 hour candle near 1.181), marking the 2nd candle in a row it has gone down. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 23rd in terms of percentage change since the previous 4 hours.
GBP/CHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
After 3 down days, GBP/CHF snaps its streak, rising 13 pips (0.11%) over the past day to close at an exchange rate of 1.183159851. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 8th for the day in terms of price change. The price chart of GBP/CHF below illustrates.
GBP/CHF Technical Analysis
The first thing we should note is that GBP/CHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 134 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCHF, with 3 buy signals on our radar and 15 sell signals. This imputes a buy/sell ratio of 0.2, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Wait for trendline retest then go short to 1730🤙