GBPCHF Down 5 Pips Over Past Hour, Makes Big Move Relative to Past Month; Moves Down For the 2nd Day In A Row

Hourly Update

(Last Updated June 10, 2021 18:23 GMT)

At the moment, GBPCHF’s rate is down -5 pips (-0.04%) 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 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPCHF is down 48 pips (0.38%) since the previous day (opening today near 1.2641263222), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBPCHF ranked 37th the previous day in terms of percentage price change. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

First things first: GBPCHF crossed below its 100 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 100 day average, which is 30.3 pips away. Price action traders in particular will want to note that the 14 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 14 days GBPCHF’s price has gone up 7 them.