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Weekly forecast British Pound / Swiss Franc technical chart
Symbol GBPCHF

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Sell Zone (1.2985 to 1.3105). 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 (1.2985)
  • Ending of entry zone (1.3105)

DateOctober 30, 2021 - 20:33
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 1.28560, resumption of downtrend is expected.
  • We make sure when the support at 1.24600 breaks.
  • If the resistance at 1.28560 is broken, the short-term forecast -resumption 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 1.2762 on 10/20/2021, so more losses minimum to Major Support (1.2460) 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 40.

Take Profits:

  1. 1.2577
  2. 1.2460
  3. 1.2325
  4. 1.2220
  5. 1.1600
Click on the level to view price action history.