USDCHF Weekly Forex Forecast – 1st to 4th May 2017
Technical Outlook: The USDCHF remained a tad weaker but managed to post a higher low, well supported above the major support level near 0.9894 – 0.9861. With the daily Stochastics currently oversold, the bias remains to the upside. Question is whether USDCHF will breakout to the upside, invalidating the descending triangle pattern or if the support at 0.9894 – 0.9861 will be breached for further declines. Price action has been strongly consolidating at the current levels and it is best to stay on the sidelines for USDCHF until further clear bias is established. However, in the event of a break down below the support, it is best to sell USDCHF targeting 0.9784 and 0.9643..
Fundamental Outlook: A slow week for the Swiss franc will see focus turn to the U.S. dollar which will be looking at a very busy week which will see key events that include the state of the economy in the manufacturing and services sector. This week will see the release of the ISM manufacturing and non-manufacturing PMI numbers. Manufacturing is expected to see another weak month and is expected to pull back for the second consecutive month.
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USDCHF Weekly Forex Forecast – 1st to 4th May 2017
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