GBP/CHF 4 Hour Price Update
Updated July 22, 2020 09:19 AM GMT (05:19 AM EST)
GBP/CHF is down 36 pips (0.3%) since the previous 4 hours (opening the current 4 hour candle near 1.1825), marking the 5th candle in a row a decrease has occurred. Compared to its peers in the Forex, GBP/CHF gave its buyers a return that ranked 34th in terms of percentage change since the previous 4 hours.
GBP/CHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/CHF is down 7 pips (0.06%) since yesterday (opening today near 1.1871311146), marking the 2nd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, GBP/CHF ended up ranking 35th for the day in terms of price change. Here is a price chart of GBP/CHF.
GBP/CHF Technical Analysis
Coming into today the current price of GBP/CHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 30 days GBP/CHF’s price has gone up 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 6 buy signals on our radar and 24 sell signals. This imputes a buy/sell ratio of 0.25, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GBPCHF is still trading within a channel and is now approaching the supportive trendline of the ascending channel….However, bulls should be aware that price appears to be forming a potential bearish flag, meaning bears could drive price down below both the supportive trendline and the support zone….Once price reaches the supportive trendline, traders should closely monitor the pair and wait for the market to give a valid entry.