(Last Updated December 27, 2021 1:40 GMT)
Currently, GBPCHF’s rate is up 15 pips (0.12%) 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 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see an uptrend 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 up 20 pips (0.16%) since the day prior (opening today near 1.23213), marking the 4th consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPCHF ranked 6th the day prior in terms of percentage price change. Let’s take a look at price chart of GBPCHF.
GBPCHF Technical Analysis
Coming into today GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.2236, 1.2389, 1.2516 and 1.2622 respectively, and thus may be at a key juncture along those timeframes. Volatility for GBPCHF 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 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPCHF’s price has gone up 7 them.
The View From Around the Web
Not much commentary on GBPCHF that we’re finding noteworthy here; as such, there’s not much we can say about sentiment. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Hello traders :))Just wait for the price action at once to complete the Quasimodo pattern :))