(Last Updated March 26, 2021 1:20 GMT)
Currently, GBPCHF’s rate is up 4 pips (0.03%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see an uptrend on the 20 and 10 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 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)
The back and forth price flow continues for GBPCHF, which started today off at 1.2804774724, down 27 pips 0.21% from the previous day. Relative to other instruments in the Forex asset class, GBPCHF ranked 26th the previous day in terms of percentage price change. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
The first thing we should note is that GBPCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. Volatility for GBPCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 14 day timeframe. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 18 them.