GBP/CHF Up 27 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

GBP/CHF 4 Hour Price Update

Updated June 29, 2020 09:07 PM GMT (05:07 PM EST)

GBP/CHF is up 27 pips (0.23%) since the last 4 hour candle (opening the current 4 hour candle near 1.1694), marking the 2nd candle in a row an increase has occurred. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 3rd in terms of percentage change since the last 4 hour candle.

GBP/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of GBP/CHF continues; to start today, it came in at a price of 1.1693892952, up 7 pips (0.06%) since the day prior. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 7th for the day in terms of price change. Below is a price chart of 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. 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 215.4 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCHF, with 8 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.57, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

đŸ’¡Hello traders,Hope you are having fantastic summer and also are finding time for trading as well :)I will really apricate any likes and follows, that would help grow this channel….We can see that price has been struggling to breakthrough key support line….We expect price to go higher.