(Last Updated June 2, 2021 2:21 GMT)
At the time of this writing, GBPCHF’s rate is down 0 pips (0%) from the hour prior. The hourly chart shows that GBPCHF has seen 2 straight down hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 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 20 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 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)
After 4 up days, GBPCHF snaps its streak, falling 78 pips (-0.61%) over the past day to close at an exchange rate of 1.2698398659. Those trading within the Forex asset class should know that GBPCHF was the worst performer in the class. Below is a price chart of GBPCHF.
GBPCHF Technical Analysis
First things first: GBPCHF crossed below its 20 and 50 day moving averages yesterday. 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 20 day average, which is 17.7 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days GBPCHF’s price has gone up 5 them. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.