USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017
Technical Outlook: USDCHF failed to validate the evolving head and shoulders pattern as price fell lower towards 1.0000. Still, the doji candlestick formed on Thursday and Friday signal initial signs of a short term retracement to the upside. Immediate resistance is seen at 1.0097 which could be tested in the near term, although there is a slight chance that USDCHF could slip towards 0.9934 before bouncing off this support level to test the resistance at 1.0097. Still, selling opportunities are likely to come by near the 1.0097 resistance. The Stochastics oscillator has printed a hidden bearish divergence with a lower low against higher low in price. Therefore, watch out for USDCHF to post a reversal around 0.9934.
Fundamental Outlook: Data from Switzerland this week will see the manufacturing PMI for January. Economists polled expect manufacturing PMI to rise to 56.1 from 56.0 previously. Later in the week, the retail sales figures are expected to show an increase of 0.5%, slower than the previous month’s 0.9%. The lack of any major data points from Switzerland will shift focus to the data from the U.S. starting Wednesday which will include the ISM manufacturing and non-manufacturing PMI and Friday’s payroll numbers.
Previous USDCHF Weely Forex Forecast
USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 – Bullish
The post USDCHF Weekly Forex Forecast – 30th Jan to 3rd Feb 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment