GBP/CHF Up 26 Pips in Last Hour, Makes Big Move Relative to Past Month; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 12, 2022 1:42 GMT)

Currently, GBPCHF’s rate is up 26 pips (0.23%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see downtrend 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)

GBPCHF is down 61 pips (0.55%) since the day prior (opening today near 1.112408912), marking the 3rd straight day a decline has happened. Relative to other instruments in the Forex asset class, GBPCHF ranked 28th the day prior in terms of percentage price change. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

The first thing we should note is that the current price of GBPCHF is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.