(Last Updated September 16, 2020 23:17 GMT)
At the time of this writing, GBPCHF’s rate is up 1 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPCHF. Given that we see an uptrend 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 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 up 38 pips (0.32%) since yesterday (opening today near 1.17023), marking the 2nd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, GBPCHF ranked 4th yesterday in terms of percentage price change. Let’s take a look at price chart of GBPCHF.
GBPCHF Technical Analysis
Coming into today GBPCHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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 203.4 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 down. Also of note is that on a 90 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 10 days GBPCHF’s price has gone down 7 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on GBPCHF, with 19 buy signals on our radar and 0 sell signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a harmonic technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
we have a lateral parallel channel. two bottoms and a possible bounce upwards