GBP/CHF Up 16 Pips in Last Hour, Crosses 20 Day Moving Average; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated May 2, 2022 1:40 GMT)

Currently, GBPCHF’s rate is up 16 pips (0.13%) from the hour prior. GBPCHF has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend 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 choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.2235853113, up 126 pips (1.04%) since yesterday. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 4th in terms of percentage change since yesterday. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCHF crossed above its 20 day moving average yesterday. 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. 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 10 days GBPCHF’s price has gone up 5 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 90 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

My views on GBPCHF is bullish .Resistance lines:1) 1.23382) 1.24313) 1.2561Please❤️ Like❤️ Comment❤️ Share❤️ Follow❤️ Turn notification on✍ Trade at your own risk