GBP/CHF Price Recap
GBP/CHF is down 337 pips (2.91%) since yesterday (with its current price near 1.12442), marking the 10th day in a row a decrease has occurred. The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 7.4% from the day prior, and up 30.28% from the same day the week before. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 33rd for the day in terms of day-over-day price change. The price chart of GBP/CHF below illustrates.
GBP/CHF Technical Analysis
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 20 day average, which is 936.9 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 down. Or to simplify this another way, note that out of the past 14 days GBP/CHF’s price has gone down 12 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 5 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.56, which is bearish. 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.
GBPCHF remains in bearish as it heads towards the channel support to complete the ABCD harmonic pattern….Further confirmation of the bearish move is presented with price creating new lows at this point….For more on how we analyze candle stick data to forecast future price, check out this free YouTube content:youtu.be/7Ai4Fm5VF9s