(Last Updated September 1, 2021 5:19 GMT)
At the time of this writing, GBPCHF’s rate is up 7 pips (0.05%) from the hour prior. GBPCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Price action traders may also wish to note that we see a doji candlestick pattern on GBPCHF. Given that we see an uptrend on the 5 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 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 entered today at 1.2589266225, down 30 pips (0.24%) from yesterday. Relative to other instruments in the Forex asset class, GBPCHF ranked 30th yesterday in terms of percentage price change. The price chart of GBPCHF below illustrates.
GBPCHF Technical Analysis
The first thing we should note is that GBPCHF is now close to its 20, 50, 100 and 200 day averages, located at 1.2621, 1.2659, 1.2687 and 1.2534 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 31.8 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days GBPCHF’s price has gone down 9 them.