USDCHF Weekly Forex Forecast – 6th to 10th Nov 2017
Technical Outlook: The USDCHF extended its gains this week but price action was seen trading near the prior week’s high. Further gains could see USDCHF testing the next resistance level at 1.0088 region. A test of resistance here is likely to keep USDCHF trading within 1.0088 resistance and 0.9894 support. This sideways range could be maintained in the near term. However, we expect a retest of the support at 0.9894 – 0.9861 level. Establishing support here, USDCHF could potentially breakout to the upside which will be validated on a close above 1.0088. In the short term expect USDCHF to bounce off the resistance level with the new sideways zone being established.
Fundamental Outlook: A quiet week from Switzerland will see just the inflation and the unemployment rate reports standing out. However, no market reaction is expected to the data from Switzerland. The economic calendar is also light this week as the consumer credit and the weekly unemployment claims reports stand out. This means that investors will be looking to the broader market sentiment in shaping the direction of the USDCHF in the coming week. The U.S. dollar remains on a better footing compared to the Swiss franc especially as investors look to the December rate hike from the Fed.
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USDCHF Weekly Forex Forecast – 6th to 10th Nov 2017
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