[FOREX TIP] USDCHF Weekly Forex Forecast – 3rd to 7th July 2017

USDCHF Weekly Forex Forecast – 3rd to 7th July 2017

Technical Outlook: USDCHF posted a decline towards 0.9564 and completed the descending triangle pattern. On Friday, price action promptly closed bullish off this support at 0.9564. A reversal continuation off this support could signal a move back to the upside. Initial resistance could be developed at 0.9730. However, watch for signs of a higher low being formed ahead of further gains. The resistance at 0.9730 is also hinting at a possible inverse head and shoulders pattern with the current low signaling the head. Therefore, watch for a rally to 0.9730 and a reversal for the right shoulder to be formed. Following which, USDCHF could signal a continuation towards 0.9861 where resistance must be tested..

Fundamental Outlook: A rather quiet week from Switzerland will see the monthly retail sales and inflation figures coming out. Focus will of course turn to the U.S. economic data coming out this week. The FOMC meeting minutes will stand out as investors look to clues on the central bank’s views. Any signs of dovishness among policy makers could potentially see the sentiment in the U.S. dollar weaken even further. Later in the week, June’s payrolls numbers will keep the volatility alive in the markets.

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USDCHF Weekly Forex Forecast – 3rd to 7th July 2017

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