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Weekly forecast Swiss Franc / Japanese Yen technical chart
Symbol CHFJPY

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Trade Setup
#CHFJPY
Total Profit: -361 pip
Closed trade(s): 7 pip Profit
Open trade(s): -368 pip Profit

Trade Setup:
We opened 9 SELL trade(s) @ 115.22 (day close price) based on 'Peak' at 2020.10.13 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 115.15 touched at 2020.10.14 with 7 pip Profit.

Open Profit:
Profit for one trade is 115.22(open price) - 115.68(current price) = -46 pip
8 trade(s) still open, therefore total profit for open trade(s) is -46 x 8 = -368 pip

Trading suggestion:

  • We have already opened Sell trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateOctober 24, 2020 - 21:25
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 117.90, beginning of downtrend is expected.
  • We make sure when the support at 113.25 breaks.
  • If the resistance at 117.90 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 60 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 116.55 on 10/20/2020, so more losses to support(s) 115.15, 114.20 and minimum to Major Support (113.25) 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 53.

Take Profits:

  1. 115.15
  2. 114.20
  3. 113.25
  4. 111.95
  5. 111.15
  6. 109.90
  7. 108.65
  8. 106.75
Click on the level to view price action history.