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Weekly forecast New Zealand Dollar / Swiss Franc technical chart

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Trade Setup
Total Profit: -297 pip
Closed trade(s): 0 pip Profit
Open trade(s): -297 pip Profit

Trade Setup:
We opened 9 BUY trade(s) @ 0.6066 (day close price) based on 'Valley' at 2020.10.09 signaled by DTO:

Open Profit:
Profit for one trade is 0.6033(current price) - 0.6066(open price) = -33 pip
9 trade(s) still open, therefore total profit for open trade(s) is -33 x 9 = -297 pip

Trading suggestion:

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

DateOctober 24, 2020 - 21:49
Currentrange bound
Forecastresumption of uptrend
Last weekBearish

Midterm forecast:

  • While the price is above the support 0.5905, resumption of uptrend is expected.
  • We make sure when the resistance at 0.6290 breaks.
  • If the support at 0.5905 is broken, the short-term forecast -resumption of uptrend- will be invalid.

Technical analysis:

  • The ascending flag taking shape suggests we will soon see another leg higher.
  • The RSI support #1 at 31 is broken, so the probability of resumption of uptrend is decreased.
  • A trough is formed in daily chart at 0.5950 on 10/20/2020, so more gains to resistance(s) 0.6115, 0.6170, 0.6225 and maximum to Major Resistance (0.6290) 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 47.

Take Profits:

  1. 0.6115
  2. 0.6170
  3. 0.6225
  4. 0.6290
  5. 0.6530
  6. 0.6670
  7. 0.6940
  8. 0.7290
Click on the level to view price action history.