GBP/CHF Up 2 Pips On Hourly Chart; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated November 2, 2022 1:41 GMT)

Currently, 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 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 10 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)

The back and forth price flow continues for GBPCHF, which started today off at 1.148250304, up 1 pips 0.01% from yesterday. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 11th for the day in terms of price change. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Coming into today GBPCHF is now close to its 20 and 100 day averages, located at 1.1271 and 1.1397 respectively, and thus may be at a key juncture along those timeframes. 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 85.9 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. The clearest trend exists on the 14 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 9 out of the past 14 days.