USDCHF Weekly Forex Forecast – 29th May to 2nd June 2017
Technical Outlook: USDCHF failed to make any pullbacks as price action fell sharply off 1.0100 level towards the 127.2% Fibonacci extension level. Further downside is expected to come on a move towards 0.9564. However considering the consolidation that is happening at the current 127.2% level, we can expect to see some upside in price. This could potentially trigger a move in USDCHF to testing the resistance level at 0.9861 – 0.9894 region. Alternately, failure to pullback could see the current price level being breached, in which case further downside to 0.9861 – 0.9894 can be expected.
Fundamental Outlook: A slow week from Switzerland, the pace of data picks up on Thursday with the quarterly GDP numbers and the retail sales figures. The Swiss franc is unlikely to be influenced much although data from the U.S. could be the main driver this coming week. The ISM will be reporting on the monthly manufacturing activity on Thursday followed by the monthly jobs report by the commerce department on Friday. Expectations are high with the May jobs reported expected to show 200k+ jobs for May that could potentially seal the deal for a June rate hike.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 29th May to 2nd June 2017
The post USDCHF Weekly Forex Forecast – 29th May to 2nd June 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment