(Last Updated September 24, 2021 1:49 GMT)
Currently, GBPCHF’s rate is down -2 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 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 1.2689241574, is up 79 pips 0.62% since the previous day, marking a reversal from the day prior — and the end of a 4 day negative run. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 16th for the day in terms of price change. Here is a price chart of GBPCHF.
GBPCHF Technical Analysis
First things first: GBPCHF crossed above its 20, 50 and 100 day moving averages yesterday. 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 100 day average, which is 4.8 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 14 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 5 them. Also, candlestick traders! Note we see morning star pattern appearing here as well.