GBP/CHF Up 7 Pips Over Past Hour, Makes Big Move Relative to Past Three Months; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated June 17, 2022 1:40 GMT)

At the time of this writing, GBPCHF’s rate is up 7 pips (0.06%) from the hour prior. The hourly chart shows that GBPCHF has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji 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 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)

The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.194002316, down 157 pips (1.3%) since yesterday. Relative to other instruments in the Forex asset class, GBPCHF ranked 32nd yesterday in terms of percentage price change. Below is a price chart of GBPCHF.

GBPCHF

GBPCHF Technical Analysis

Notably, GBPCHF is now close to its 20 and 50 day averages, located at 1.2111 and 1.219 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. 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. For additional context, note that price has gone down 8 out of the past 14 days.

The View From Around the Web

Not much commentary on GBPCHF that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

GBPCHF | The Most Dangerous Trade For Today As I am looking at GBPCHF is the most dangerous trade that you can select for today.After 30 min we will have “09:30 CHF SNB Interest Rate Decision” and later on the daywe will have also “13:00 GBP BoE Interest Rate Decision”As we can see also the market is completely frozen within the pattern.So it is better to wait after BOE in order to trade this currency pair.Thank you and Good Luck!