[FOREX TIP] USDCHF Weekly Forex Forecast – 24th to 28th July 2017

USDCHF Weekly Forex Forecast – 24th to 28th July 2017

Technical Outlook: The Swiss franc continued to gain strength as USDCHF is seen at a one year low. Initially the rebound off 0.9564 support held but with a lower high being formed, price action eventually slipped past this support level. Regardless of the price action bias currently, there is still scope for USDCHF to post a reversal. The pending retest of resistance at 0.9894 – 0.9861 will most likely see USDCHF test this level in the near to medium term. For the moment however, any bullish bias will gain strength only on a daily close above 0.9564..

Fundamental Outlook: Not much of economic releases from Switzerland this week. Focus will therefore turn to the Federal Reserve meeting this week. The Fed will be holding its monthly monetary policy meeting on Wednesday, July 26. This meeting will not be followed by a press conference. No changes are expected to the Fed funds rate at this week’s meeting. Traders will very likely focus on the language and tone of the FOMC statement that will be key. So far the Fed has remained non-commital on the further pace of interest rates. This is a possibility that the Fed will make its intentions a bit more clearer at this week’s meeting.

Previous USDCHF Weekly Forex Forecast

USDCHF Weekly Forex Forecast – 24th to 28th July 2017

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