GBPCHF Down 3 Pips On Hourly Chart, Makes Big Move Relative to Past Two Months; Came Into Today Up For the 2nd Consecutive Day

Hourly Update

(Last Updated July 23, 2021 2:21 GMT)

At the moment, GBPCHF’s rate is down -3 pips (-0.02%) 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 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 is up 74 pips (0.59%) since yesterday (opening today near 1.265885797), marking the 2nd consecutive day it has gone up. Relative to other instruments in the Forex asset class, GBPCHF ranked 2nd yesterday in terms of percentage price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Coming into today GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.2695, 1.2714, 1.2758 and 1.2436 respectively, and thus may be at a key juncture along those timeframes. 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 36.4 pips away. The clearest trend exists on the 14 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.

The View From Around the Web

Not much commentary on GBPCHF that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com that we thought you might enjoy.