GBP/CHF Up 2 Pips Over Past Hour, Makes Big Move Relative to Past Month; Crosses 20 Day Moving Average

Hourly Update

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

At the time of this writing, GBPCHF’s rate is up 2 pips (0.01%) from the hour prior. This is the 2nd straight hour GBPCHF has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCHF. Given that we see an uptrend on the 20 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 choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.163488815, up 65 pips (0.56%) since the previous day. Relative to other instruments in the Forex asset class, GBPCHF ranked 8th the previous day in terms of percentage price change. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCHF crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 14 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 30 days GBPCHF’s price has gone down 19 them.