(Last Updated May 28, 2021 1:21 GMT)
At the time of this writing, GBPCHF’s rate is down -1 pips (-0.01%) 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 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 4 day down streak; price ended the previous day up 10 pips (0.08%) to finish the day at a rate of 1.2675115025. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 21st for the day in terms of price change. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
Coming into today the current price of GBPCHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 25.1 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. 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 down 7 them.