USDCHF Weekly Forex Forecast – 23rd to 27th Jan 2017
Technical Outlook: USDCHF failed to rally back to 1.0188 and instead closed on Friday on a bearish note at 1.0020. A bearish follow through from here could signal further declines towards 0.9934 support while the evolving head and shoulders pattern would be invalidated. However, there is a risk of a pullback considering the fact that USDCHF is near the lower median line where the dynamic support can be found. Therefore, it is best to stay on the sidelines and look for potential selling opportunities from around 1.0188 while looking for possible buying opportunities near 0.9934.
Fundamental Outlook: A slow week from Switzerland, economic data is mostly confined to the UBS consumption indicator and trade balance figures, both of which are unlikely to make much of an impact on the Swiss franc. This would leave much of the heavy lifting to the market sentiment and the U.S. dollar. On the U.S. economic calendar this week, focus will be on Friday where the preliminary GDP report for the fourth quarter will be released. Economists are hoping that the U.S. economy increased 2.1% in the fourth quarter, which is slightly lower than 3.5% in the third quarter.
Previous USDCHF Weely Forex Forecast
TLDR: Bearish
from Advanced Forex Strategies
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