USDCHF Weekly Forex Forecast – 13th to 17th Mar 2017
Technical Outlook: USDCHF has maintained its bullish bias but the weekly price action shows increasingly smaller bodies compared to the weekly ranges. This is indicative of a potential exhaustion to the trend in the near term with last week’s high of 1.0170 testing the 50% retracement level from the range established from the previous weekly declines. Last week saw USDCHF maintaining the price near 1.0096 support level and this could be expected in the coming week as well. However, prepare for a possible breakdown of the rising trendline that could trigger further declines down towards 1.0015 support level.
Fundamental Outlook: The Swiss franc could see some inflows this week as investors could potentially pile on to the safe haven currency ahead of the Netherlands elections on Wednesday. Still, the CHF is likely to see some event risks of its won. On Thursday March 16, the Swiss National Bank will be meeting for its quarterly monetary policy meeting. No change is expected to be made to the 3-month LIBOR rate, which stands at -0.75%. Besides the SNB’s meeting other events for the week include the PPI figures.
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USDCHF Weekly Forex Forecast – 13th to 17th Mar 2017
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