Above is GBPJPY weekly chart. The pair depreciates again earlier today and bounced near 128.50. I drew three trendlines showing forecasted support and resistance. Now, let's imagine. What if this is where the fall since August last year ends? What if the price fail to break trendline number 1 and the last bottom at 126.73 will not be touched? What if this is where the uptrend starts? What if it reaches 139.xx in December? What if it continue to rise to 160.xx next year? By the way that is around 3050 pips from current price :p
But what if I'm wrong??? ;))
Above is USD/CHF weekly chart. The pair is very close to touch the rising trendline connecting 2 previous extreme lows. I'm expecting candle reversal pattern over the next few weeks. Risk should be limited below the trendline, now at 1.0020/40 (about 115 pips from current price). The best thing about this setup, obviously, is the potential return.
There are so much room upside for this pair (1000 pips or more). If the trend does reverse, the likely target is the falling trendline connecting the highs. And, who knows..there might be a break above the resistance trendline ;)
