GBP/CHF Down 0 Pips On Hourly Chart, Makes Big Move Relative to Past Three Months; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 9, 2022 1:40 GMT)

Currently, GBPCHF’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

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 1.2193840252, up 18 pips (0.14%) since the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 15th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Coming into today GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.2242, 1.2232, 1.2336 and 1.2435 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 50 day average, which is 38.4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPCHF’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Potential sell limit, price is hard to read on the Daily as price is currently ranging.following the supply and demand zones with imbalance, if price returns to the supply zone and reacts, it may continue to fall further.