GBP/CHF Down 1 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Eyes 50 Day Average

Hourly Update

(Last Updated December 30, 2021 1:43 GMT)

At the moment, GBPCHF’s rate is down -1 pips (-0.01%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCHF has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 1.2336209358, up 17 pips (0.13%) since the day prior. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 20th in terms of percentage change since the day prior. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.2248, 1.2367, 1.2503 and 1.2615 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 and 30 day timeframes. For additional context, note that price has gone down 17 out of the past 30 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Not much commentary on GBPCHF that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We are in the downtrend, the market rejected 50EMA few times but strong support holds.I believe resistance will be broken in the next few days, looks like we’re gaining strenght. We could go to 1.245 or 1.25 and then we might expect to test the support once again.I’m not a financial advisor or professional trader, please trade carefully