GBPCHF Up 2 Pips On Hourly Chart; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 23, 2020 2:19 GMT)

Currently, GBPCHF’s rate is up 2 pips (0.02%) from the hour prior. This is the 2nd hour in a row GBPCHF has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on GBPCHF. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.20998, up 27 pips (0.23%) since the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 13th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.1958, 1.1869, 1.1889 and 1.1941 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 141.6 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 up. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 8 out of the past 14 days.