GBP/CHF 4 Hour Price Update
Updated May 25, 2020 09:06 PM GMT (05:06 PM EST)
The choppiness in the recent four-hour candle price action of GBP/CHF continues; to start the current 4 hour candle, it came in at a price of 1.1843, down 0 pips (0%) since the previous 4 hours. Relative to other instruments in the Forex asset class, GBP/CHF ranked 20th the previous 4 hours in terms of percentage price change.
GBP/CHF End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBP/CHF is down 1 pips (0.01%) since the day prior (opening today near 1.18053209), marking the 2nd day in a row it has gone down. Relative to other instruments in the Forex asset class, GBP/CHF ranked 28th the day prior in terms of percentage price change. Here is a price chart of GBP/CHF.
GBP/CHF Technical Analysis
The first thing we should note is that GBP/CHF is now close to its 20 and 50 day averages, located at 1.192 and 1.1978 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 8 out of the past 14 days.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 2 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.12, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a trendline technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
Structure: Double Top1. Trend line broken & retested2. Neckline broken & retested3. Below daily resistanceSell on break of the Bearish Pennant.