GBP/CHF Down 17 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Social Sentiment Biased Towards Buying

GBP/CHF 4 Hour Price Update

Updated June 26, 2020 01:10 PM GMT (09:10 AM EST)

GBP/CHF is down 17 pips (0.14%) since the last 4 hour candle (opening the current 4 hour candle near 1.1746), marking the 3rd candle in a row a decline has happened. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 31st in terms of percentage change since the last 4 hour candle.

GBP/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CHF is up 7 pips (0.06%) since yesterday (opening today near 1.1784465216), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Below is a price chart of GBP/CHF.

GBP/CHF Technical Analysis

Notably, GBP/CHF is now close to its 20, 50 and 100 day averages, located at 1.1931, 1.1931 and 1.1925 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 140.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCHF, with 15 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

On the daily, I will be looking to take a short position once the market break my key level of support (1.17230). Of course i will use the fib. retracement on the H2 and for entries on the 15min. FX:GBPCHF