(Last Updated September 11, 2020 16:16 GMT)
At the moment, GBPCHF’s rate is down -2 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPCHF has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCHF. Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
GBPCHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPCHF is down 50 pips (0.42%) since the previous day (opening today near 1.18614), marking the 3rd consecutive day it has gone down. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 27th in terms of percentage change since the previous day. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
The first thing we should note is that the current price of GBPCHF 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. 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 50 day average, which is 54.5 pips away. 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. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone down 15 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 10 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and fibonacci technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
GBPCHF has consistently trending in downside from it recent top and now it is trading at support level of channel pattern….According to chart pattern analysis , We might see upside movement in GBPCHF from current level or corrective upside move ….One can initiate the long trade in GBPCHF With proper risk management and stop loss level.