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Weekly forecast British Pound / Swiss Franc technical chart

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Trade Setup
Total Profit: 870 pip
Closed trade(s): 162 pip Profit
Open trade(s): 708 pip Profit

Trade Setup:
We opened 6 SELL trade(s) @ 1.1996 (day close price) based on 'Peak' at 2020.05.11 signaled by DTO:

Closed Profit:
TP1 @ 1.1960 touched at 2020.05.12 with 36 pip Profit.
TP2 @ 1.1870 touched at 2020.05.13 with 126 pip Profit.
36 + 126 = 162 pip

Open Profit:
Profit for one trade is 1.1996(open price) - 1.1819(current price) = 177 pip
4 trade(s) still open, therefore total profit for open trade(s) is 177 x 4 = 708 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.

DateMay 23, 2020 - 22:00
Currentrange bound
Forecastresumption of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 1.2200, resumption of downtrend is expected.
  • We make sure when the support at 1.1670 breaks.
  • If the resistance at 1.2200 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • A peak is formed in daily chart at 1.2115 on 05/05/2020, so more losses minimum to Major Support (1.1670) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 42.

Take Profits:

  1. 1.1960
  2. 1.1870
  3. 1.1670
  4. 1.1470
  5. 1.1100
Click on the level to view price action history.