GBP/CHF Up 4 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 13, 2020 1:31 GMT)

At the moment, GBPCHF’s rate is up 0.0004 (0.03%) from the hour prior. The hourly chart shows that GBPCHF has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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)

GBPCHF is down 126 pips (1.04%) since the day prior (opening today near 1.19912), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, GBPCHF ranked 37th the day prior in terms of percentage price change. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Coming into today 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 31.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 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 up 8 out of the past 14 days.