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Weekly forecast Canadian Dollar / Swiss Franc technical chart
Symbol CADCHF

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (0.7030 to 0.7065). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

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

  • Beginning of entry zone (0.7030)
    • Support on 01/15/2015
    • Resistance on 01/22/2015
    • Support on 01/26/2015
    • Support on 08/26/2015
    • Support on 01/07/2016
    • Resistance on 01/14/2016
    • Support on 01/22/2016
    • Support on 02/15/2016
    • Peak on 04/30/2020
    • Resistance on 04/30/2020
  • Ending of entry zone (0.7065)
    • Support on 12/21/2015
    • Support on 12/22/2015
    • Support on 12/23/2015
    • Resistance on 01/21/2016
    • Support on 01/26/2016
    • Support on 02/08/2016
    • Resistance on 02/12/2016
    • Support on 11/09/2016
    • Resistance on 03/06/2020
    • Resistance on 05/27/2020

DateMay 30, 2020 - 19:56
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 0.70650, beginning of downtrend is expected.
  • We make sure when the support at 0.66050 breaks.
  • If the resistance at 0.70650 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The Rising Wedge taking shape and as a bearish pattern suggests we will soon see another leg lower if price breaks and closes below uptrend.
  • A peak is formed in daily chart at 0.7066 on 05/27/2020, so more losses to support(s) 0.6950, 0.6885, 0.6800 and minimum to Major Support (0.6605) 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. 0.6950
  2. 0.6885
  3. 0.6800
  4. 0.6725
  5. 0.6670
  6. 0.6605
Click on the level to view price action history.