(Last Updated January 5, 2021 2:21 GMT)
At the time of this writing, GBPCHF’s rate is down -2 pips (-0.01%) from the hour prior. This is the 2nd consecutive hour GBPCHF has seen its price head down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCHF. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.19481, down 145 pips (1.2%) since yesterday. On a relative basis, GBPCHF was the worst performer out of all 40 of the assets in the Forex asset class. Let’s take a look at price chart of GBPCHF.
GBPCHF Technical Analysis
Notably, GBPCHF crossed below its 50 day moving average 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 50 day average, which is 14.2 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. For additional context, note that price has gone up 15 out of the past 30 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCHF, with 0 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.