GBPCHF Up 1 Pips Over Past Hour, Eyes 20 and 50 Day Averages; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated July 15, 2021 1:19 GMT)

Currently, GBPCHF’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved 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)

The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.2688770627, down 18 pips (0.14%) since the day prior. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 21st in terms of percentage change since the day prior. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Coming into today 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 35.6 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 8 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.