(Last Updated April 9, 2021 3:20 GMT)
At the moment, GBPCHF’s rate is up 4 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as GBPCHF has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 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)
GBPCHF is down 78 pips (0.61%) since the previous day (opening today near 1.2692780538), marking the 5th consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 36th for the day in terms of price change. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
Moving average crossovers are always interesting, so let’s start there: GBPCHF crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. 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 14 days GBPCHF’s price has gone down 8 them.
The View From Around the Web
Not much in terms quality buy/sell signals we’re seeing for GBPCHF; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com that we thought you might enjoy.