GBPCHF Up 2 Pips On Hourly Chart, Moves Up For the 3rd Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 12, 2020 2:19 GMT)

At the time of this writing, GBPCHF’s rate is up 2 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCHF has now gone up 8 of the past 10 hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 and 200 hour changed directions on GBPCHF; they are now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 4 pips (0.03%) since yesterday (opening today near 1.18622), marking the 3rd consecutive day it has gone up. Out of the 40 instruments in the Forex asset class, GBPCHF ended up ranking 18th for the day in terms of price change. Here is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, the current price of GBPCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 22.7 pips away. 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. 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. For additional context, note that price has gone up 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.