GBPCHF Down 12 Pips in Last Hour, Breaks Above 50 and 200 Day Averages; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated October 6, 2021 10:19 GMT)

At the time of this writing, GBPCHF’s rate is down -12 pips (-0.09%) from the hour prior. The hourly chart shows that GBPCHF has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 back and forth price flow continues for GBPCHF, which started today off at 1.2649554852, up 67 pips 0.53% from the previous day. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 4th for the day in terms of price change. Here is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

First things first: GBPCHF crossed above its 50 and 200 day moving averages 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 9.1 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 16 them.