USDCHF Weekly Forex Forecast – 23rd to 27th April 2018
Technical Outlook: The USDCHF currency has managed to post gradual gains with price action closing at the 0.9741 level of resistance. Prior to the rally to this level, USDCHF was seen facing resistance at 0.9629 level. Any downside corrections are likely to be limited to this level which could now turn as support. The bullish momentum in USDCHF comes at a risk of a larger correction. The main support level at 0.9461 remains a key area that could be retested at support. To the upside, we expect to see some consolidation taking place at the current levels ahead of further gains.
Fundamental Outlook: Data from Switzerland is quiet with focus shifting to the U.S. The economic calendar from the U.S. is somewhat quiet with only the preliminary GDP report for the first quarter of 2018 standing out. Investors will be looking at how the U.S. economy performed during the first quarter of the year after the U.S. GDP expanded at a pace of 2.9% in the fourth quarter ending 2017. Employment cost index will also give insights into wage growth. Besides the above data, other events over the week include the Richmond manufacturing index, the durable goods orders index and the conference board’s consumer confidence data.
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USDCHF Weekly Forex Forecast – 23rd to 27th April 2018
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