GBPCHF Up 41 Pips On Hourly Chart; Nears 20 Day Moving Average

Hourly Update

(Last Updated September 9, 2020 15:16 GMT)

At the moment, GBPCHF’s rate is up 41 pips (0.35%) from the hour prior. The hourly chart shows that GBPCHF has seen 2 straight up hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. 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)

The back and forth price flow continues for GBPCHF, which started today off at 1.20522, down 66 pips 0.55% from the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 35th in terms of percentage change since the previous day. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.1995, 1.1911, 1.1927 and 1.2181 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 20 day average, which is 57.3 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days GBPCHF’s price has gone up 15 them.

The View From Around the Web

Of note is that traders in aggregate have opinions on GBPCHF, with 7 buy signals on our radar and 13 sell signals. This imputes a buy/sell ratio of 0.54, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Bullish BAT RSI Must be above 30 then only set up valid POTENTIAL BUY


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram