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Weekly forecast Swiss Franc / Japanese Yen technical chart
Symbol CHFJPY

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Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (117.55 to 117.80). 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 (117.55)
    • Resistance on 01/31/2018
    • Resistance on 09/21/2018
    • Resistance on 09/24/2018
    • Resistance on 08/13/2020
    • Resistance on 08/14/2020
    • Resistance on 08/28/2020
    • Resistance on 08/31/2020
    • Resistance on 09/01/2020
    • Resistance on 12/15/2020
    • Resistance on 01/07/2021
    • Resistance on 01/08/2021
    • Resistance on 01/28/2021
    • Resistance on 01/29/2021
    • Resistance on 02/10/2021
    • Support on 02/15/2021
    • Resistance on 02/25/2021
    • Resistance on 02/26/2021
    • Resistance on 03/12/2021
    • Resistance on 03/19/2021
    • Resistance on 03/31/2021
    • Resistance on 04/01/2021
  • Ending of entry zone (117.80)
    • Support on 02/02/2018
    • Resistance on 09/21/2018
    • Resistance on 08/28/2020
    • Resistance on 08/31/2020
    • Resistance on 12/10/2020
    • Resistance on 01/29/2021
    • Resistance on 02/10/2021
    • Resistance on 02/12/2021
    • Resistance on 02/26/2021
    • Resistance on 03/16/2021

DateApril 4, 2021 - 13:30
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 118.850, beginning of downtrend is expected.
  • We make sure when the support at 113.700 breaks.
  • If the resistance at 118.850 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the peak at 117.755 on 2020-12-10 and the peak at 118.835 on 2021-02-16, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
  • While the RSI uptrend #1 is not broken, bullish wave in price would continue.
  • A trough is formed in daily chart at 115.90 on 03/24/2021, so more gains to resistance(s) 117.55, 117.80 and maximum to Major Resistance (118.85) 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 54.

Take Profits:

  1. 116.35
  2. 115.30
  3. 114.60
  4. 113.70
  5. 111.95
  6. 108.65
  7. 106.75
Click on the level to view price action history.