Weekly Autochartist communication: Forecast for USDCHF
| Forecast for USD/CHF |
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| Above are two complete chart patterns indicating predictions for the short term USD/CHF chart. (1) is a 60 minute continuation triangle that completed yesterday at 11h00 and (2) is another continuation triangle from the 240 minute chart, which completed a week ago. The time frame of (1) is reflected in (2) by red dotted lines and vice versa. At the time of writing price is moving within the prediction area (Z) in the 60 minute chart. On the 240 minute chart price reached the prediction area (W), but then returned to its support level (V) and is currently moving back towards (W). Interesting to note is that there seems to be resistance in the prediction areas for both patterns: around 1.0670 for (1); and around 1,0720 for (2). It seems that price will remain around these resistance levels in the short term before returning to back to support levels (X) and (V). Interesting also is how similar the current price movement in (Z) is to the initial movement (Y) at the start of (1), prompting the questions of if and when the downward movement after (Y) may repeat. It will be helpful to look at Autochartist PowerStats Stop Loss Take Profit advisor to determine the expected price range within the next 24 hours. Use the information from (3) to help set your stop loss and take profit levels, depending on how long you intend to remain in the trade. Disclaimer: Autochartist, MDIO Software, agents and resellers of Autochartist services do not guarantee the completeness, accuracy or timeliness of the information supplied. Users of this service should take independent decisions regarding any securities or financial instruments mentioned herein. Trading involves considerable risk: therefore, before trading you need carefully reflect on your risk appetite, investment objectives and level of experience. Do not invest money you cannot afford to lose. Past performance of strategies is not indicative of future performance. |
- 2 September |
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