USDCHF Weekly Forex Forecast – 12th to 16th June 2017
Technical Outlook: USDCHF has formed a temporary bottom testing a 7-month low at 0.9657. The reversal comes just a few pips away from the main target of the descending triangle pattern at 0.9564. In the near term, if the reversal sustains, then USDCHF could be seen testing the breached descending triangle support of 0.9861 – 0.9894. Resistance could be formed here, following which a new decline in USDCHF could be formed. To confirm the upside, price action will need to post a higher low and move past 0.9730.
Fundamental Outlook: A busy week to the Swiss franc as the quarterly monetary policy from the Swiss National Bank (SNB) is due this week. The 3-month LIBOR rate is expected to remain steady at -0.75%. The SNB is unlikely to announce any major changes and is likely to maintain that the exchange rate of the Swiss franc is overvalued. This could bring some volatility to the Swiss franc in the near term. Besides the SNB’s meeting, the central bank will also be releasing a financial stability report as well as on the macroeconomic side of things, the PPI data will be coming out.
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USDCHF Weekly Forex Forecast – 12th to 16th June 2017
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