GBPCHF Up 8 Pips On Hourly Chart, 2 Day Up Streak Ended; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 22:19 GMT)

At the time of this writing, GBPCHF’s rate is up 8 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend 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 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)

GBPCHF entered today at 1.21172, down 22 pips (0.18%) from yesterday. Out of the 40 instruments in the Forex asset class, GBPCHF ended up ranking 30th for the day in terms of price change. Here is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Coming into today GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.1871, 1.1847, 1.1868 and 1.1962 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 154.8 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. Also of note is that on a 90 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 up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.