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Weekly forecast Australian Dollar / Swiss Franc technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateNovember 21, 2020 - 15:41
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 0.6735, beginning of downtrend is expected.
  • We make sure when the support at 0.6370 breaks.
  • If the resistance at 0.6735 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of beginning of downtrend is decreased.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A trough is formed in daily chart at 0.6600 on 11/13/2020, so more gains to resistance(s) 0.6685 and maximum to Major Resistance (0.6735) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 58.

Supports and Resistances:

  1. 0.7800
  2. 0.7565
  3. 0.7275
  4. 0.7020
  5. 0.6890
  6. 0.6815
  7. 0.6735
  8. 0.6685
  9. 0.6075
Click on the level to view price action history.