(Last Updated September 15, 2020 23:17 GMT)
Currently, GBPCHF’s rate is down -4 pips (-0.03%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCHF has now gone down 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. 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 20, 50, 100 and 200 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 down 35 pips (0.3%) since the day prior (opening today near 1.16237), marking the 5th consecutive day a decline has happened. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 34th in terms of percentage change since the day prior. Below is a price chart of GBPCHF.
GBPCHF Technical Analysis
Coming into today GBPCHF is now close to its 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 50 day average, which is 286.4 pips away. Also of note is that on a 30 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 down 8 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 14 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 7, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a harmonic technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
we have a lateral parallel channel. two bottoms and a possible bounce upwards