GBP/CHF Up 5 Pips On Hourly Chart, Came Into Today Down For the 3rd Straight Day; Price Base in Formation Over Past 90 Days
Price action traders may also wish to note that we see a doji candlestick pattern on gbpchf.
GBPCHF
(Last Updated September 21, 2020)
Welcome to the news page for GBPCHF (GBPCHF). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On GBPCHF, there is currently a downtrend on the 30 and 14 day timeframes.
GBPCHF Moving Averages
GBPCHF’s moving averages suggest the trend on a number of time horizons is bearish.
The chart below illustrates.
As for assets in the Forex asset class GBPCHF has been correlated to over the past week, it has been most correlated with EURGBP. EURGBP is the asset with which GBPCHF has been most correlated with over the past two weeks as well, so this may be a recurring pattern. Alternatively, USDNOK has been the asset least correlated with GBPCHF — but if we observe the prior two weeks, USDHKD has been the asset least correlated with GBPCHF. See the chart below to observe the recent price action in GBPCHF versus those of assets it hasn’t been well correlated with.
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The View From the Weekly Timeframe
At the time of this writing, GBPCHF’s rate is up 0.0138 (1.19%) from the week prior. GBPCHF has seen its price go up 4 out of the past 5 weeks, thus creating some compelling opportunities for bulls. From a weekly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 5, 10 and 20 week timeframes. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows GBPCHF’s price action over the past year.
GBPCHF Up 1 Pips On Hourly Chart, Entered Today Down For the 3rd Straight Day; Price Base in Formation Over Past 90 Days
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
GBPCHF Up 5 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Price Base in Formation Over Past 90 Days
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
GBPCHF Up 4 Pips in Last Hour, 3 Day Up Streak Snapped; Price Base in Formation Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of a harmonic technical pattern.
GBPCHF Down 4 Pips On Hourly Chart, Moves Up For the 2nd Straight Day; Price Base in Formation Over Past 90 Days
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.
GBPCHF Up 1 Pips in Last Hour, Moves Up For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
GBPCHF Down 4 Pips in Last Hour, Price Base in Formation Over Past 30 Days; Sentiment Suggests Buyers in Charge
Compared to its peers in the forex, gbpchf gave its buyers a return that ranked 34th in terms of percentage change since the day prior.
GBPCHF Down 2 Pips On Hourly Chart, Came Into Today Down For the 5th Consecutive Day; Price Base in Formation Over Past 30 Days
Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBPCHF Down 2 Pips On Hourly Chart, Came Into Today Down For the 3rd Consecutive Day; Nears 50 Day Moving Average
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.
GBPCHF Down 46 Pips in Last Hour, Entered Today Down For the 3rd Consecutive Day; Eyes 50 Day Average
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.