GBPCHF Up 6 Pips On Hourly Chart, 2 Day Down Streak Snapped; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 7, 2020 15:16 GMT)

At the time of this writing, GBPCHF’s rate is up 6 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCHF has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.21184, up 44 pips (0.36%) since the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 7th in terms of percentage change since the previous day. Let’s take a look at price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, the current price of GBPCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 200 day average, which is 66.8 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 16 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 15 buy signals on our radar and 10 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NICE DESCENDING CHANNEL HERE ON THE H1, WAITING FOR A MOVE TO THE RESISTANCE BEFORE TAKING A SELL


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram