(Last Updated October 8, 2020 2:19 GMT)
At the time of this writing, GBPCHF’s rate is up 4 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCHF has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 100 hour changed directions on GBPCHF; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPCHF entered today at 1.18415, up 33 pips (0.28%) from the previous day. Relative to other instruments in the Forex asset class, GBPCHF ranked 17th the previous day in terms of percentage price change. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
Notably, GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.178, 1.1896, 1.1884 and 1.2062 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 100 day average, which is 42.8 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Volatility for GBPCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. 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. Or to simplify this another way, note that out of the past 10 days GBPCHF’s price has gone up 6 them.