GBPCHF Up 8 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated April 6, 2021 2:20 GMT)

At the moment, GBPCHF’s rate is up 8 pips (0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see downtrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCHF is down 1 pips (0.01%) since the previous day (opening today near 1.3025382934), marking the 2nd day in a row a decrease has occurred. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 20th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20 day averages, located at 1.292 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPCHF’s price has gone up 8 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 2 sell signals and 2 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBP is now the strongest currency and the CHF has seen constant weakness for a few weeks now, today has provided us with an opportunity after the higher timeframe exhaustion to place a trade at previous high. what we will be waiting for on this pair is now double confirmation to then place a trade to the upside to our next major area of sell pressure with our take profits at less significant zones of buy and sell pressure. we will monitor fundamentals closely and only take this trade if fundamentals stay the same.