GBP/CHF Down 2 Pips Over Past Hour, 3 Day Down Streak Snapped; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated September 13, 2022 1:42 GMT)

At the time of this writing, GBPCHF’s rate is down -2 pips (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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 1.11413856, is up 17 pips 0.16% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 18th for the day in terms of price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

The first thing we should note is that GBPCHF is now close to its 20 day averages, located at 1.133 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 18 out of the past 30 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!