(Last Updated July 16, 2021 18:19 GMT)
At the moment, GBPCHF’s rate is down -8 pips (-0.06%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCHF has now gone down 5 of the past 5 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)
The back and forth price flow continues for GBPCHF, which started today off at 1.2691390824, up 18 pips 0.14% from yesterday. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 16th for the day in terms of price change. Let’s take a look at price chart of GBPCHF.
GBPCHF Technical Analysis
The first thing we should note is that GBPCHF is now close to its 20, 50, 100 and 200 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 50 day average, which is 34 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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 GBPCHF’s price has gone up 15 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Gbpchf is expected to move to the downside from the marked resistance area.It also completed Head and Shoulders pattern which is another confirmation.