GBP/CHF Up 1 Pips in Last 4 Hours, Makes Big Move Relative to Past Month; Doji and Pin Bar Patterns Appearing on Chart

GBP/CHF 4 Hour Price Update

Updated July 24, 2020 09:10 PM GMT (05:10 PM EST)

GBP/CHF is up 1 pips (0.01%) since the previous 4 hours (opening the current 4 hour candle near 1.1796), marking the 4th candle in a row it has gone up. Relative to other instruments in the Forex asset class, GBP/CHF ranked 20th the previous 4 hours in terms of percentage price change.

GBP/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CHF is down 7 pips (0.06%) since the day prior (opening today near 1.1782121568), marking the 4th day in a row it has gone down. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 34th in terms of percentage change since the day prior. The price chart of GBP/CHF below illustrates.

GBP/CHF

GBP/CHF Technical Analysis

Coming into today GBP/CHF is now close to its 20, 50 and 100 day averages, located at 1.1825, 1.1874 and 1.1927 respectively, and thus may be at a key juncture along those timeframes. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone down 7 out of the past 10 days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCHF, with 15 buy signals on our radar and 16 sell signals. This imputes a buy/sell ratio of 0.94, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Welcome back for some more chart analysis practice….I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don’t know how this type of trading strategy will work on this currency pair….Don’t trade a strategy just because someone tells you it’s a good strategy, always back-test the strategy in question over historical data before trading it with real money.