USDCHF Monthly Forex Forecast for April 2018
Technical Outlook: The USDCHF currency pair has been posting a modest rally ever since price action managed to breakout above the 0.9470 – 0.9433 level of resistance. The breakout off this resistance level was met with the doji candlestick followed by a bearish decline on Thursday. In the near term, we expect USDCHF to dip back to the breached level of 0.9470 – 0.9433 to establish support. A reversal off this level could signal further gains targeting 0.9715 – 0.9681. In the event that USDCHF slips belo this support level we can expect to see further declines with price action consolidating within the breached resistance level and the previous lows that were formed.
Fundamental Outlook: The Swiss franc will see a quiet month ahead with no major events scheduled. Following the SNB’s meeting last quarter wherethe 3-month LIBOR rate was left unchanged, most of the flows in USDCHF will be determined by the data from the United States. With no Fed meeting scheduled this month, investors will focus on the advance quarterly GDP report coming out later in April. This could potentially shed light into the state of the U.S. economy during the first three months of the year. The U.S. economy is expected to maintain its upward trend of around 2.5% average quarterly GDP growth and this could build up into the next month’s Fed meeting.
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USDCHF Monthly Forex Forecast for April 2018
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