GBP/CHF Price Recap
1.27107 (USD) was the opening price of the day for GBP/CHF, resulting in yesterday being a day in which price moved down 67 pips 0.52% from the day prior. The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 5.17% from the day prior, but down 9.04% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 36th for the day in terms of day-over-day price change. Let’s take a look at price chart of GBP/CHF.
GBP/CHF Technical Analysis
Notably, GBP/CHF crossed below its 50 and 100 day moving averages yesterday. 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 100 day average, which is 4.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Volatility for GBP/CHF has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days GBP/CHF’s price has gone up 9 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCHF, with 7 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 1.75, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
This pair already reach support channel up, we have 169 pips range as bullish targetTrading plan :Buy range : 1.2704 – 1.2787Stoploss : use your money management systemTake profit range : 1.2816 – 1.2856Good luck