USDCHF Weekly Forex Forecast – 30th April to 4th May 2018
Technical Outlook: Price action in USDCHF powered ahead but the currency pair was seen failing to post a convincing close above the resistance zone of 0.9894 – 0.9861. In the near term, we expect to see a correction in the price action. The 4-hour Stochastic has triggered an overbought market at the current levels which coincides with the resistance zone. Therefore, we expect the USDCHF to potentially correct lower. Initial support is seen at 0.9821 level which could be tested in the short term. However, USDCHF is likely to push lower to establish support at 0.9629 which could be tested in the medium term.
Fundamental Outlook: Data from Switzerland is also looking at a quiet week ahead in terms of economic releases. However, data from the U.S. will see a busy week that could keep the USDCHF in pay. The week starts off with the U.S. core PCE price index data alongside consumer spending data. The week will also see the release of the monthly ISM manufacturing PMI data and will be later followed up by the FOMC meeting and the monthly jobs report.
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USDCHF Weekly Forex Forecast – 30th April to 4th May 2018
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