GBP/CHF Down 1 Pips in Last Hour, Came Into Today Down For the 4th Day In A Row; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 23, 2021 2:4 GMT)

At the moment, GBPCHF’s rate is down 1 pips (0%) from the hour prior. GBPCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCHF. Given that we see an uptrend on the 10 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 4 pips (0.03%) since the day prior (opening today near 1.2610736245), marking the 4th day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 22nd for the day in terms of price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, the current price of GBPCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 20.2 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Also of note is that on a 14 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 down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.