GBPCHF Up 7 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 30 and 90 Days

Hourly Update

(Last Updated October 15, 2020 2:18 GMT)

At the moment, GBPCHF’s rate is up 7 pips (0.06%) from the hour prior. This is the 3rd straight hour GBPCHF has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Of note is that the 200 hour changed directions on GBPCHF; it is now pointing up. 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 1.1884, up 55 pips (0.47%) since the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 5th in terms of percentage change since the previous day. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

The first thing we should note is that GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.1823, 1.1888, 1.1885 and 1.204 respectively, and thus may be at a key juncture along those timeframes. 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 0.7 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. Volatility for GBPCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Price action traders in particular will want to note that the 30 and 90 day periods 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 9 out of the past 14 days.