GBPCHF Down 1 Pips Over Past Hour, in an Uptrend Over Past 14 Days; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated October 9, 2020 2:19 GMT)

At the time of this writing, GBPCHF’s rate is down -1 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, so that price is now turning below it. 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 17 pips (0.14%) since the previous day (opening today near 1.18581), marking the 2nd straight day it has gone up. Out of the 40 instruments in the Forex asset class, GBPCHF ended up ranking 13th 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, 50, 100 and 200 day averages, located at 1.179, 1.1895, 1.1884 and 1.2058 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 26.2 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. 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 6 out of the past 10 days.