USDCHF Weekly Forex Forecast – 23rd to 27th Oct 2017
Technical Outlook: USDCHF managed to eventually push higher although the rally from the support near 0.9455 was very choppy. Price action is now close to testing the resistance level of 0.9861 level. In the near term, any declines are likely to be limited to the 0.9741 region although there is a risk of a break down below this level. This could push USDCHF lower towards the 0.9561 level as a result. However, watch for how price reacts to the resistance level. A breakout above 0.9861 – 0.9894 will signal further bullish momentum and will see the U.S. dollar aiming for 1.00..
Fundamental Outlook: Data from Switzerland is quiet this week. The main driver in the USDCHF currency pair will therefore be the data from the U.S. Among an important number of releases, the U.S. advance GDP data for the third quarter will be coming out on Friday which will be the main highlight of the week. Other data points over the week includes the durable goods orders report and the weekly unemployment claims. The U.S. Treasury is also expected to release its currency report on Monday.
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USDCHF Weekly Forex Forecast – 23rd to 27th Oct 2017
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