GBP/CHF Down 7 Pips Over Past 4 Hours, Makes Big Move Relative to Past Month; Price Base in Formation Over Past 14 Days

GBP/CHF 4 Hour Price Update

Updated July 29, 2020 01:14 AM GMT (09:14 PM EST)

The choppiness in the recent four-hour candle price action of GBP/CHF continues; to start the current 4 hour candle, it came in at a price of 1.1864, down 7 pips (0.06%) since the last 4 hour candle. Out of the 37 instruments in the Forex asset class, GBP/CHF ended up ranking 29th for the four-hour candle in terms of price change.

GBP/CHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBP/CHF, which opened today priced near 1.1862018045, is down 7 pips 0.06% since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Relative to other instruments in the Forex asset class, GBP/CHF ranked 38th the previous day in terms of percentage price change. The price chart of GBP/CHF below illustrates.

GBP/CHF

GBP/CHF Technical Analysis

Notably, GBP/CHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days GBP/CHF’s price has gone up 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 8 buy signals on our radar and 12 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPCHF / FORCASTING BEAR FLAG SELL PATTREN