GBP/CHF Down 13 Pips On 4 Hour Chart, Eyes 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart

GBP/CHF 4 Hour Price Update

Updated July 30, 2020 01:09 AM GMT (09:09 PM EST)

The choppiness in the recent four-hour candle price action of GBP/CHF continues; to start the current 4 hour candle, it came in at a price of 1.1843, down 13 pips (0.11%) since the previous 4 hours. Relative to other instruments in the Forex asset class, GBP/CHF ranked 29th the previous 4 hours in terms of percentage price change.

GBP/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CHF is down 12 pips (0.1%) since the previous day (opening today near 1.1847370127), marking the 2nd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, GBP/CHF ranked 33rd the previous day in terms of percentage price change. The price chart of GBP/CHF below illustrates.

GBP/CHF

GBP/CHF Technical Analysis

The first thing we should note is that GBP/CHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. 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 30 days GBP/CHF’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 9 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hitting target high here with a stop hunt (TS Low) before the real push upWe had a sell setup before changing it to a buyExpecting lower to the TS Low area27-Jul-20 https://www.tradingview.com/chart/GBPCHF/xX9jw0JL-GBPCHF-M30/23-Jul-20 https://www.tradingview.com/chart/GBPCHF/skvEpDtl-GBPCHF-M30/