(Last Updated June 1, 2021 2:20 GMT)
At the moment, GBPCHF’s rate is up 3 pips (0.03%) 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. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
GBPCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPCHF is up 16 pips (0.13%) since the day prior (opening today near 1.277642352), marking the 4th straight day it has gone up. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 14th for the day in terms of price change. Below is a price chart of GBPCHF.
GBPCHF Technical Analysis
First things first: GBPCHF crossed above its 50 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 50 day average, which is 15 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 14 out of the past 30 days.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.