GBP/CHF 4 Hour Price Update
Updated June 24, 2020 01:13 PM GMT (09:13 AM EST)
The back and forth price flow continues for GBP/CHF, which started the current 4 hour candle off at 1.1819, up 17 pips 0.14% from the previous 4 hours. Relative to other instruments in the Forex asset class, GBP/CHF ranked 9th the previous 4 hours in terms of percentage price change.
GBP/CHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/CHF is up 2 pips (0.02%) since the day prior (opening today near 1.182972672), marking the 4th day in a row it has gone up. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 23rd for the day in terms of price change. Below is a price chart of GBP/CHF.
GBP/CHF Technical Analysis
Coming into today GBP/CHF is now close to its 20, 50 and 100 day averages, located at 1.1964, 1.1946 and 1.1936 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 106.3 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 30 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 GBP/CHF’s price has gone up 16 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 19 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 1.36, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
on DAILY: GBPCHF is sitting around a support zone in blue so we will be looking for objective buy setups on lower timeframes….on M30: GBPCHF formed an objective trendline in red so we are waiting for a momentum candle close above its last swing to buy….we also have a regular bullish divergence adding more confluence to our buy setup.