GBPCHF Up 2 Pips Over Past Hour, Makes Big Move Relative to Past Three Months; Came Into Today Down For the 2nd Consecutive Day

Hourly Update

(Last Updated November 11, 2021 3:19 GMT)

At the time of this writing, GBPCHF’s rate is up 2 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 43 pips (0.35%) since yesterday (opening today near 1.23115454), marking the 2nd consecutive day a decrease has occurred. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 30th for the day in terms of price change. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Coming into today GBPCHF is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. 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. For additional context, note that price has gone down 7 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.