GBP/CHF Down 12 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated June 23, 2022 1:41 GMT)

At the time of this writing, GBPCHF’s rate is down -12 pips (-0.1%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 down 70 pips (0.59%) since yesterday (opening today near 1.177791912), marking the 2nd day in a row a decline has happened. Relative to other instruments in the Forex asset class, GBPCHF ranked 31st yesterday in terms of percentage price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20 day averages, located at 1.2054 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 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 17 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.