Hourly Update

(Last Updated December 6, 2022 1:43 GMT)

At the time of this writing, GBPCHF’s rate is up 2 Pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

A moment of silence, please, for the end of GBPCHF’s 4 day up streak; price ended yesterday down 25 pips (-0.22%) to finish the day at a rate of 1.148710815. Out of the 39 instruments in the Forex asset class, GBPCHF ended up ranking 27th for the day in terms of price change. Here is a price chart of GBPCHF.

GBPCHF Technical Analysis

Notably, 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 20 day average, which is 153.2 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 17 out of the past 30 days. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!

The post GBP/CHF Up 2 Pips in Last Hour, Makes Big Move Relative to Past Month; 4 Day Up Streak Broken appeared first on CFDTrading.