[FOREX TIP] USDCHF Weekly Forex Forecast – 10th to 14th July 2017

 

USDCHF Weekly Forex Forecast – 10th to 14th July 2017

Technical Outlook: USDCHF posted a brief rally only to give up some of the gains by Friday. However, this higher low after the dip to 0.9564 will signal a potential continuation to the upside. USDCHF could be facing resistance at 0.9730. However, a breakout above this level could signal a continuation to the upside. The eventual upside target in USDCHF remains at 0.9861 – 0.9894. Traders should also watch for the possibility of a potential inverse head and shoulders pattern that could be forming. Watch for a rally to 0.9730 resistance level and a pullback in USDCHF where the right shoulder could be formed. This will be the cue for a potential upside breakout in USDCHF, targeting 0.9861 – 0.9894.

Fundamental Outlook: Not much of data is expected from Switzerland this week. The only exception being the monthly producer price index data. Headline PPI in Switzerland rose 0.1%. The producer import prices suggests a further decline of 0.3%. This could mean that consumer prices in Switzerland could remain weak. Therefore, the primary data will be from the U.S. where key events are lined up this week. It includes the Fed chair, Janet Yellen’s testimony as well as the U.S. monthly inflation data which could eventually shape the market expectations. Further weakening in inflation could potentially invalidate any hawkish message from the Fed chair.

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USDCHF Weekly Forex Forecast – 10th to 14th July 2017

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