GBP/CHF Down 8 Pips On 4 Hour Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/CHF 4 Hour Price Update

Updated June 23, 2020 01:07 PM GMT (09:07 AM EST)

GBP/CHF is down 8 pips (0.07%) since the previous 4 hours (opening the current 4 hour candle near 1.1796), marking the 3rd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, GBP/CHF ended up ranking 29th for the four-hour candle in terms of price change.

GBP/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CHF is up 19 pips (0.16%) since yesterday (opening today near 1.183394198), marking the 3rd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 13th for the day in terms of price change. Below is a price chart of GBP/CHF.

GBP/CHF Technical Analysis

Coming into today GBP/CHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 107.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 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 30 days GBP/CHF’s price has gone up 15 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 16 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 2.29, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Main Items we can see on the chart a) The price is on a Weekly Support zone b) We have a Descending trendline that represents the last dynamic resistance before the bullish target c) Currently, we have a descending movement just on the edge of the mentioned trendline (yellow lines) d) If the price breaks above the yellow lines, we will consider as a confirmation for the bullish movement e) If you are thinking about taking long setups on this analysis, we will wait for the breakout and then a corrective structure as the one you can see on the chart (purple lines) f) We also have an invalidation zone for the long view in case the price reaches that level….WEEKLY CHART: https://www.tradingview.com/x/IApsETam/