GBP/CHF Up 11 Pips in Last 4 Hours, Makes Big Move Relative to Past Month; is Inching Close to 100 Day Average

GBP/CHF 4 Hour Price Update

Updated August 03, 2020 05:07 AM GMT (01:07 AM EST)

GBP/CHF is up 11 pips (0.09%) since the last 4 hour candle (opening the current 4 hour candle near 1.1976), marking the 2nd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, GBP/CHF ended up ranking 7th 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 entered today at 1.1928274214, down 13 pips (0.11%) from the previous day. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Let’s take a look at price chart of GBP/CHF.

GBP/CHF

GBP/CHF Technical Analysis

The first thing we should note is that GBP/CHF is now close to its 20, 50, 100 and 200 day averages, located at 1.185, 1.1861, 1.192 and 1.2173 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 9 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.25, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Anticipation for a reversal appears to be high as price goes through a series of three consecutive Higher Highs indicated on the chart as Drive 1, 2 and 3 to hit my Supply zone….Drive 1, 2 and 3 falls at 1.272 extensions of the corrective waves….The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions.