GBP/CHF Price Recap
The back and forth price flow continues for GBP/CHF, which starts today off at 1.27511 US dollars, down 55 pips 0.43% from the previous day. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 31.93% from the day before — and down 36.75% from the same day the week before. Those trading within the Forex asset class should know that GBP/CHF was the worst performer in the class. The price chart of GBP/CHF below illustrates.
GBP/CHF Technical Analysis
Coming into today the current price of GBP/CHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 16.1 pips away. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 9 out of the past 14 days.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCHF, with 13 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 1.44, 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.
Possible formation of wave 5, end of wave CTake into account the coefficient 38.2% of the Fibonacci