(Last Updated September 8, 2020 15:16 GMT)
Currently, GBPCHF’s rate is up 8 pips (0.07%) from the hour prior. GBPCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. 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)
The choppiness in the recent daily price action of GBPCHF continues; to start today, it came in at a price of 1.21184, up 44 pips (0.36%) since the previous day. Compared to its peers in the Forex, GBPCHF gave its buyers a return that ranked 7th in terms of percentage change since the previous day. Below is a price chart of GBPCHF.
GBPCHF Technical Analysis
The first thing we should note is that GBPCHF is now close to its 20, 50, 100 and 200 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 200 day average, which is 66.8 pips away. It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days GBPCHF’s price has gone up 9 them.
The View From Around the Web
Of note is that traders in aggregate have opinions on GBPCHF, with 7 buy signals on our radar and 17 sell signals. This imputes a buy/sell ratio of 0.41, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a double top technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
I like GBPCHF over GBPAUD and GBPJPY at the moment wait for more confirmation – trend line -71% & 78.6 % Fib – 1.9500 minor key level