GBPCHF Down 2 Pips On Hourly Chart, Came Into Today Down For the 5th Consecutive Day; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated September 14, 2020 23:16 GMT)

At the moment, GBPCHF’s rate is down -2 pips (-0.02%) from the hour prior. GBPCHF has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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)

GBPCHF is down 35 pips (0.3%) since the previous day (opening today near 1.16237), marking the 5th consecutive day a decrease has occurred. Relative to other instruments in the Forex asset class, GBPCHF ranked 34th the previous day in terms of percentage price change. The price chart of GBPCHF below illustrates.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 50 and 100 day averages, located at 1.191 and 1.1917 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 50 day average, which is 286.4 pips away. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on GBPCHF, with 12 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 3, which is bullish. As for the rationale, technical traders seem to be citing the appearance of channel and harmonic technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price action + Harmonic Gartley + Fibo + SR channels


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