GBPCHF Up 4 Pips Over Past Hour, Moves Down For the 4th Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated September 24, 2020 0:17 GMT)

At the moment, GBPCHF’s rate is up 4 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 13 pips (0.11%) since the day prior (opening today near 1.17062), marking the 4th consecutive day a decrease has occurred. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 21st in terms of percentage change since the day prior. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Coming into today GBPCHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 186.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 7 out of the past 10 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

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 2 sell signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This pair are going at same way of GBP/AUD, Triangle Reversal pattern.


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