GBP/CHF Down 0 Pips Over Past Hour, Crosses 100 Day Moving Average; Price Base in Formation Over Past 14 and 30 Days

Hourly Update

(Last Updated November 23, 2022 2:25 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 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 downtrend 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 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)

GBPCHF is down 22 pips (0.19%) since yesterday (opening today near 1.13140466), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 26th for the day in terms of price change. 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 11.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Price action traders in particular will want to note that the 14 and 30 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 17 them.