USDCHF Weekly Forex Forecast – 29th Jan to 2nd Feb 2018
Technical Outlook: The USDCHF currency pair broke down below the 0.9455 level of support. However, the Stochastics oscillator is strongly in the oversold area which could indicate a rebound. Price action could be seen consolidating around the current lows. A move above 0.9455 will however signal the potential for a correction towards 0.9741. To the downside, in the event that price action continues to decline further, then we could expect to see USDCHF testing the next support level at 0.9270.
Fundamental Outlook: Economic data from Switzerland is light with only the retail sales numbers coming out. Most of the volatility in the USDCHF will be driven by data from the U.S. which looks to a rather busy week ahead. Starting with the core PCE price index, the data will set the tone for shaping expectations from the Fed on its next rate hike. On Wednesday, the FOMC meeting is scheduled. No changes are expected at this meeting and the Fed is likely to maintain a neutral tone. On Friday, the monthly economic data will be coming out. This includes the U.S. ISM manufacturing PMI followed by Friday’s non-farm payrolls report for the month of January.
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USDCHF Weekly Forex Forecast – 29th Jan to 2nd Feb 2018
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