USDCHF Weekly Forex Forecast – 27th Nov to 1st Dec 2017
Technical Outlook: The USDCHF fell back to the support level near 0.9894 – 0.9861 region. However, the support level failed to hold on to the gains as price closed below this level. This potentially invalidates the bullish bias where we expected USDCHF to test the next resistance level near 1.0088 region. The decline below the support level will see a test towards the previous support level at 0.9741. With this level being only a minor support level we could expect further declines. However, the daily Stochastics oscillator shows a hidden bullish divergence that could signal some upside bounce in prices.
Fundamental Outlook: A somewhat quiet week from Switzerland will see the quarterly GDP numbers being released on Thursday. The data is unlikely to move the markets much as USDCHF will also be influenced by the economic data from the U.S. Next week will see the release of the second revised GDP estimates for the third quarter. The U.S. economy surprised with a 3.0% increase based on the first estimates. An unchanged or better than expected print could no doubt send the U.S. dollar higher. On Friday, the fresh economic reports include the final manufacturing PMI and the ISM’s non-manufacturing PMI for the month of November.
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USDCHF Weekly Forex Forecast – 27th Nov to 1st Dec 2017
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