GBPCHF Down 46 Pips in Last Hour, Entered Today Down For the 3rd Consecutive Day; Eyes 50 Day Average

Hourly Update

(Last Updated September 10, 2020 16:16 GMT)

At the time of this writing, GBPCHF’s rate is down -46 pips (-0.39%) 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. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCHF is down 50 pips (0.42%) since the day prior (opening today near 1.18614), marking the 3rd consecutive day a decline has happened. Out of the 40 instruments in the Forex asset class, GBPCHF ended up ranking 27th for the day in terms of price change. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Coming into today the current price of GBPCHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 54.5 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone down 6 out of the past 10 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram