GBPCHF Up 3 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated June 10, 2021 7:21 GMT)

At the moment, GBPCHF’s rate is up 3 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCHF is down 48 pips (0.38%) since yesterday (opening today near 1.2641263222), marking the 2nd day in a row it has gone down. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 37th in terms of percentage change since yesterday. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF crossed below its 100 day moving average yesterday. 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 30.3 pips away. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 15 out of the past 30 days.