GBPCHF Down 2 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Nears 20, 50 and 100 Day Moving Averages

Hourly Update

(Last Updated June 9, 2021 20:22 GMT)

At the time of this writing, GBPCHF’s rate is down -2 pips (-0.02%) from the hour prior. GBPCHF has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCHF entered today at 1.268962416, down 36 pips (0.29%) from the day prior. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 33rd in terms of percentage change since the day prior. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

The first thing we should note is that the current price of GBPCHF is sitting close to its 20, 50 and 100 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 100 day average, which is 22.9 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 15 them. And for candlestick traders, a special treat: there is a doji pattern showing up on the charts as well. Rejoice!