USDCHF Weekly Forex Forecast – 4th to 8th Sept 2017
Technical Outlook: The USDCHF posted some declines last week as price fell to 0.9450 level before posting a strong pullback. With prices now comfortably settled above 0.9564 support, we can expect to see a breakout from this ranging price action. USDCHF has remained stuck within 0.9730 resistance and 0.9564 support level. A breakout from this range could potentially suggest further near term direction. We expect that the breakout will result in a rally which will see USDCHF testing the major resistance level that will form at 0.9861 – 0.9849. To the downside, USDCHF has already signaled the strong support near 0.9450.
Fundamental Outlook: Switzerland will be releasing its quarterly GDP numbers this week along with the inflation report. Data is unlikely to move the Swiss franc much with focus turning to the U.S. Data from the U.S. includes factory orders followed by the ISM’s non-manufacturing PMI numbers which could play an important role in shaping the near term outlook for the U.S. dollar. As the Fed will be holding its monetary policy meeting in a few weeks, the economic data will be closely in focus by investors.
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USDCHF Weekly Forex Forecast – 4th to 8th Sept 2017
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