GBP/CHF Up 3 Pips On Hourly Chart, 4 Day Up Streak Broken; Breaks Below 20 Day Average

Hourly Update

(Last Updated November 22, 2022 1:42 GMT)

Currently, GBPCHF’s rate is up 3 pips (0.02%) from the hour prior. GBPCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)

After 4 up days, GBPCHF snaps its streak, falling 8 pips (-0.07%) over the past day to close at an exchange rate of 1.13356677. Relative to other instruments in the Forex asset class, GBPCHF ranked 22nd the day prior in terms of percentage price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

First things first: GBPCHF crossed below its 20 day moving average yesterday. 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 20 day average, which is 1.9 pips away. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 10 days GBPCHF’s price has gone up 6 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.