(Last Updated September 8, 2022 1:40 GMT)
At the moment, GBPCHF’s rate is down -19 pips (-0.17%) from the hour prior. GBPCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 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)
The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.124355895, down 88 pips (0.78%) since the day prior. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 37th for the day in terms of price change. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
The first thing we should note is that GBPCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for GBPCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 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 7 them.