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Weekly forecast Swiss Franc / Japanese Yen technical chart
Symbol CHFJPY

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Trade Setup

#CHFJPY
Total Profit: -1134 pip
Closed trade(s): 49 pip Profit
Open trade(s): -1183 pip Profit

Trade Setup:
We opened 8 SELL trade(s) @ 116.84 (day close price) based on 'Shooting star' at 2021.01.14 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/C...

Closed Profit:
TP1 @ 116.35 touched at 2021.01.18 with 49 pip Profit.

Open Profit:
Profit for one trade is 116.84(open price) - 118.53(current price) = -169 pip
7 trade(s) still open, therefore total profit for open trade(s) is -169 x 7 = -1183 pip

Trading suggestion:

Price is above the Trend Hunter Sell Zone (117.55 to 117.80).

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
    • Resistance on 04/02/2021
  • 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 10, 2021 - 23:18
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 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 65.

Take Profits:

  1. 116.35
  2. 115.70
  3. 114.60
  4. 113.70
  5. 111.95
  6. 108.65
  7. 106.75
Click on the level to view price action history.