USDCHF Weekly Forex Forecast – 16th to 20th Oct 2017
Technical Outlook: The USDCHF remains trading rather choppy although price action has managed to post some gains. A brief rally close to 0.9830 last week failed to hold up which eventually saw the U.S. dollar pulling back strongly as a result. Still, with USDCHF above the support at 0.9563 the bias is supportive of a bullish rally. The resistance at 0.9861 suggests that USDCHF could be attempting another rally to test the resistance level near 0.9861 area. But following this a breakout from above this resistance is needed in order to post further gains.
Fundamental Outlook: The Swiss franc will see a slow week leaving most of the action to the U.S. In comparison, the U.S. has a somewhat busy week ahead. Starting off with some forward looking indicators such as the Empire state manufacturing index. Focus also turns to the housing market with the building permits and housing starts data on the cards this week. On late Friday, the Fed chair Janet Yellen is scheduled to speak. However, it is unlikely that given the timing of the speech which is late Friday/early Saturday, Ms. Yellen might not speak much about monetary policy.
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USDCHF Weekly Forex Forecast – 16th to 20th Oct 2017
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