USDCHF Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
Technical Outlook: USDCHF rallied back to 1.0100 last week but the price action is starting to look convincing to the downside with the movement coming in within the broadening wedge pattern. As long as price doesn’t breakout above the highs of 1.0140, USDCHF could be looking weaker as prices will target 0.9934 support level followed by a steeper decline towards 0.9683. As a result, the technical outlook is in favor of a bearish U.S. dollar against the Swiss franc.
Fundamental Outlook: It is going to be a busy week for the Swiss franc as a lot of economic data and central bank policy maker speeches are lined up over the week. Firstly, the Switzerland National Bank’s board member Zurbrugg will be speaking on Monday. The SNB has maintained its dovish views on the Swiss franc, calling it overvalued in a bid to push down the exchange rate. Watch for any similar rhetoric coming out on Monday. In terms of economic data, Swiss GDP figures for the fourth quarter will be due on Thursday. Data is expected to show a 0.4% increase on a quarterly basis, following a flat third quarter. This could be positive if confirmed and has the potential to upside surprise. Later in the day, Swiss retail sales figures are also due, but economists polled expected to see a 2% decline in the headline print.
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USDCHF Weekly Forex Forecast – 27th Feb to 3rd Mar 2017 – Bullish
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