GBP/CHF Down 6 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated April 29, 2022 1:44 GMT)

At the moment, GBPCHF’s rate is down -6 pips (-0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCHF has now gone up 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 100 hour timeframe. Price action traders may also wish to note that we see a pin bar 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 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 choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.2109584898, down 37 pips (0.3%) since the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 29th in terms of percentage change since the previous day. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, 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. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. 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. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone down 16 them.