GBP/CHF Up 5 Pips Over Past Hour, in a Downtrend Over Past 30 Days; Doji Pattern Appearing on Chart

Hourly Update

(Last Updated July 5, 2022 1:40 GMT)

At the time of this writing, GBPCHF’s rate is up 5 pips (0.05%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCHF has now gone up 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 entered today at 1.164526426, up 45 pips (0.38%) from yesterday. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 14th in terms of percentage change since yesterday. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

The first thing we should note is that GBPCHF is now close to its 20 day averages, located at 1.189 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 19 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji pattern appearing here.