USDCHF Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
Technical Outlook: The USDCHF successfully breached the resistance level at 0.9884 last week. Price action briefly reached parity before pulling back lower towards the opening price level. The upside in USDCHF has been established for now. We expect USDCHF to retrace some of these gains and test the 0.9894 level of support in the short term. Upon a successful test of support, USDCHF could be aiming to test the next main resistance level at 1.0088. This could however keep USDCHF trading sideways within the new range. Only a successful breakout above 1.0088 will see further gains coming its way.
Fundamental Outlook: Economic data from Switzerland this week is relatively quiet. Only the manufacturing PMI due on Wednesday and Friday’s retail sales numbers will be of some importance. Focus will turn to the U.S. dollar which looks to a busy week. Data includes the monhly ISM’s manufacturing and non-manufacturing PMI as well as the ADP’s private payrolls numbers. This will culminate with Friday’s official payroll data for the month of October. Following the weaker than expected decline in jobs in September, the markets will be looking for an upbeat print this week.
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USDCHF Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
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