GBP/CHF 4 Hour Price Update
Updated July 02, 2020 01:16 AM GMT (09:16 PM EST)
GBP/CHF is down 11 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 1.1787), marking the 2nd candle in a row a decrease has occurred. Out of the 37 instruments in the Forex asset class, GBP/CHF ended up ranking 31st for the four-hour candle in terms of price change.
GBP/CHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/CHF, which opened today priced near 1.1794508516, is down 3 pips 0.02% since yesterday, marking a reversal from the day prior — and the end of a 4 day positive run. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 26th for the day in terms of price change. Here is a price chart of GBP/CHF.
GBP/CHF Technical Analysis
Notably, GBP/CHF is now close to its 20, 50 and 100 day averages, located at 1.1828, 1.1898 and 1.1899 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBP/CHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 90 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 GBP/CHF’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCHF, with 17 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 1.42, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Welcome back for some more chart analysis practice….Don’t trade a strategy just because someone tells you it’s a good strategy, always back-test the strategy in question over historical data before trading it with real money….Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside.