CHF/HKD Currency Pair Forecast
CHF/HKD currency pair upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 14, 2024)
The CHF/HKD currency pair price gained 0.405% on the last trading day (Friday, 14th Jun 2024), rising from HK$8.74 to HK$8.78. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the currency pair fluctuated 0.638% from a day low at HK$8.73 to a day high of HK$8.78. The price has risen in 5 of the last 10 days and is up by 1.29% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 93 thousand shares were bought and sold for approximately HK$812.09 thousand.
The currency pairis at the upper part of a narrow and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at HK$8.78 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect CHF/HKD currency pair with a 90% probability to be traded between HK$8.45 and HK$8.73 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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CHFHKD Signals & Forecast
The CHF/HKD currency pair holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at HK$8.73 and HK$8.63. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). CHF/HKD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, June 05, 2024, and so far it has fallen -0.0679%. Further fall is indicated until a new bottom pivot has been found. The currency pair had a Golden Star Signal on Wednesday, May 29, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Golden Star
The currency pair had a Golden Star Signal on Wednesday, May 29, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the currency pair in question.
Support, Risk & Stop-loss for CHF/HKD currency pair
CHF/HKD finds support from accumulated volume at HK$8.74 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved HK$0.0557 between high and low, or 0.638%. For the last week the currency pair has had daily average volatility of 0.344%.
The CHF/HKD currency pair is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some currency pairs may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the currency pair manages to break the trend before that occurs.
Our recommended stop-loss: HK$8.48 (-3.42%) (This currency pair has low daily movements and this gives low risk. The RSI14 is 80 and this increases the risk substantially. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (CHFHKD) For The Upcoming Trading Day Of Monday 17th
For the upcoming trading day on Monday, 17th we expect CHF/HKD to open at HK$8.76, and during the day (based on 14 day Average True Range), to move between -HK$34,110,345.09 and HK$34,110,362.64, which gives a possible trading interval of +/-HK$34,110,353.86 (+/-388 687 431.34%) up or down from last closing price. If CHF/HKD takes out the full calculated possible swing range there will be an estimated 777 374 862.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at HK$8.74 (0.40%) than the resistance at HK$8.81 (0.43%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is CHF/HKD currency pair A Buy?
CHF/HKD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.121 Hold/Accumulate Upgraded
Predicted Opening Price for CHF/HKD of Monday, June 17, 2024
| Fair opening price June 17, 2024 | Current price |
|---|---|
| HK$8.76 ( 0.157%) | HK$8.78 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHFHKD
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.82 | 0.478% |
| R2 | 8.80 | 0.236% |
| R1 | 8.78 | 0.0859% |
| Price | 8.78 | |
| S1 | 8.74 | -0.399% |
| S2 | 8.73 | -0.549% |
| S3 | 8.71 | -0.791% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.85 | 0.84% |
| R2 | 8.83 | 0.575% |
| R1 | 8.81 | 0.427% |
| Price | 8.78 | |
| S1 | 8.74 | -0.403% |
| S2 | 8.61 | -1.94% |
| S3 | 8.56 | -2.42% |
FAQ
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