GBP/CHF Down 1 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Breaks Above 20 Day Average

Hourly Update

(Last Updated June 7, 2022 1:43 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 50 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 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)

The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.2163708845, up 144 pips (1.2%) since the day prior. Relative to other instruments in the Forex asset class, GBPCHF ranked 4th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

First things first: GBPCHF crossed above its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 16 them.