GBP/CHF Up 3 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated June 8, 2022 1:42 GMT)

Currently, GBPCHF’s rate is up 3 pips (0.03%) from the hour prior. This is the 2nd straight hour GBPCHF has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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)

GBPCHF is up 90 pips (0.74%) since the day prior (opening today near 1.2253303216), marking the 2nd straight day an increase has occurred. Relative to other instruments in the Forex asset class, GBPCHF ranked 7th the day prior in terms of percentage price change. Here is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: GBPCHF crossed above its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. 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. For additional context, note that price has gone down 8 out of the past 14 days.