GBPCHF Down 4 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Breaks Above 20 Day Average

Hourly Update

(Last Updated June 3, 2021 4:22 GMT)

At the time of this writing, GBPCHF’s rate is down -4 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 and 50 hour moving averages, resulting in them so that price is now turning below them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 entered today at 1.272673749, up 28 pips (0.22%) from the day prior. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 7th in terms of percentage change since the day prior. Here is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF crossed above its 20 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 20 day average, which is 9.2 pips away. Price action traders in particular will want to note that the 14 day period 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 14 days GBPCHF’s price has gone up 7 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 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

DEMAND ZONE, BREAK OF STRUCTURE TO THE UPSIDE, CONTINUATION PATTERN,