GBPCHF Up 27 Pips in Last Hour, 3 Day Up Streak Snapped; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 4, 2020 9:51 GMT)

Currently, GBPCHF’s rate is up 27 pips (0.22%) from the hour prior. This is the 2nd hour in a row GBPCHF has seen its price head up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being above it. 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, which opened today priced near 1.21568, is down 11 pips 0.09% since the day prior, marking a reversal from the day prior — and the end of a 3 day positive run. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 20th in terms of percentage change since the day prior. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.1974, 1.189, 1.1926 and 1.2193 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 200 day average, which is 36.1 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPCHF’s price has gone up 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

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.

H4:- Structure: uptrend- Tendency: Upward- Pattern: SHS pattern=> BUYPLAN:As picture


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