GBP/CHF Down 2 Pips in Last Hour, 3 Day Down Streak Ended; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated April 28, 2022 1:42 GMT)

At the moment, GBPCHF’s rate is down -2 pips (-0.02%) from the hour prior. This is the 3rd consecutive hour GBPCHF has seen its price head down. 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 an uptrend 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)

GBPCHF, which opened today priced near 1.2146409756, is up 39 pips 0.32% since the previous day, marking a reversal from the day prior — and the end of a 3 day negative run. Relative to other instruments in the Forex asset class, GBPCHF ranked 13th the previous day in terms of percentage price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, the current price of GBPCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPCHF’s price has gone up 6 them.