GBP/CHF Up 1 Pips On Hourly Chart, Makes Big Move Relative to Past Two Months; Came Into Today Down For the 2nd Day In A Row

Hourly Update

(Last Updated July 15, 2021 2:6 GMT)

At the moment, GBPCHF’s rate is up 1 pips (0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 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)

GBPCHF is down 15 pips (0.12%) since yesterday (opening today near 1.2673570595), marking the 2nd day in a row it has gone down. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 24th for the day in terms of price change. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20, 50, 100 and 200 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 50 day average, which is 50.3 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 14 days GBPCHF’s price has gone down 8 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCHF, with 4 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.33, which is bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This pair has been ranging for some months between price 1.28200 and 1.26000. Price 1.28200 is a high of 2 months ie May and June while 1.26000 is a Quarterly Low.A noticeable bearish Order flow has been formed since early this month and the price has retested and respected the bearish Order blocks. Yesterday a very strong bearish OB was formed on the 4hr TF and this has triggered a move that is aiming to retest price 1.26000.📉 Sell GBPCHF