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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)

DateFebruary 11, 2024 - 13:30
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 0.60004 breaks.
  • If the support at 0.56049 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The triple bottoms taking shape.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 0.56181 on 02/01/2024, so more gains to resistance(s) 0.57374, 0.57798, 0.58605 and maximum to Major Resistance (0.60004) 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 52.

Take Profits:

  1. 0.57374
  2. 0.57798
  3. 0.58605
  4. 0.60004
  5. 0.61684
  6. 0.63194
  7. 0.65641
  8. 0.67477
  9. 0.68956
Click on the level to view price action history.