GBPCHF Up 3 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Came Into Today Up For the 2nd Straight Day

Hourly Update

(Last Updated September 15, 2021 1:19 GMT)

At the time of this writing, GBPCHF’s rate is up 3 pips (0.02%) from the hour prior. The hourly chart shows that GBPCHF has seen 3 straight up 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 doji candlestick pattern on GBPCHF. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 5 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 is up 65 pips (0.51%) since yesterday (opening today near 1.276301775), marking the 2nd straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 5th for the day in terms of price change. Here 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, 50, 100 and 200 day averages, located at 1.2612, 1.2644, 1.2682 and 1.2561 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 100 day average, which is 81.2 pips away. Trend traders will want to observe that the strongest trend appears on the 14 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 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 7 out of the past 10 days.