GBPCHF Up 11 Pips On Hourly Chart, Moves Up For the 3rd Straight Day; Crosses 50 Day Moving Average

Hourly Update

(Last Updated September 6, 2021 23:19 GMT)

At the moment, GBPCHF’s rate is up 11 pips (0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCHF has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see downtrend on the 20 and 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 up 14 pips (0.11%) since the day prior (opening today near 1.26641333), marking the 3rd straight day it has gone up. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 15th in terms of percentage change since the day prior. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCHF crossed above its 50 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 50 day average, which is 12.8 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days GBPCHF’s price has gone up 8 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.