GBP/CHF Down 3 Pips in Last Hour, 2 Day Up Streak Ended; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 1:32 GMT)

At the time of this writing, GBPCHF’s rate is down -0.0003 (-0.02%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see downtrend on the 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.21172, down 22 pips (0.18%) since yesterday. Out of the 40 instruments in the Forex asset class, GBPCHF ended up ranking 30th for the day in terms of price change. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

The first thing we should note is that 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. 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 200 day average, which is 154.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 4 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.29, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and harmonic technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello dear traders, welcome to my page. If you think my analysis is good and useful, thank you. Follow me for likes and support In this idea, I used the trend line, channel and Fibonacci l Strong resistance. Wave. harmonic patern h1