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Weekly forecast Australian Dollar / Swiss Franc technical chart

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (0.56479 to 0.56049). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (0.56479)
  • Ending of entry zone (0.56049)

DateSeptember 17, 2023 - 04:25
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 0.56049, beginning of uptrend is expected.
  • We make sure when the resistance at 0.58736 breaks.
  • If the support at 0.56049 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI resistance #1 at 50 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.56470 on 09/05/2023, so more gains maximum to Major Resistance (0.58736) 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 61.

Take Profits:

  1. 0.57374
  2. 0.58736
  3. 0.60004
  4. 0.61684
  5. 0.63194
  6. 0.65641
  7. 0.67477
  8. 0.68956
Click on the level to view price action history.

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