GBP/CHF Down 11 Pips in Last Hour, Makes Big Move Relative to Past Two Months; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated May 12, 2022 1:41 GMT)

Currently, GBPCHF’s rate is down -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)

A moment of silence, please, for the end of GBPCHF’s 3 day up streak; price ended yesterday down 95 pips (-0.78%) to finish the day at a rate of 1.2164388808. Relative to other instruments in the Forex asset class, GBPCHF ranked 37th yesterday in terms of percentage price change. Here is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCHF crossed below its 20 and 50 day moving averages 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 63.6 pips away. It should be noted, though, the 20, 50 and 100 day simple moving averages 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. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

looking for a dip today under 1.22 and no more than 20 pip s/l to reverse. alternatively wait for tomorrow to see if price holds this area or dips further towards id 1.21