Technical Outlook: The USDCHF broke out from the 0.9461 level of resistance and as a result it has validated the inverse head and shoulders pattern. The upside target comes in at 0.9629 level that could be tested in the near term. However, the declines back to the breached resistance level at 0.9461 could suggest a possible failure of the head and shoulders pattern unless price action manages to post a higher high. The bias in USDCHF remains balanced for the moment with the newly established support level at 0.9462 likely to be key for further development in the trend.
Fundamental Outlook: A slow week from Switzerland with no economic data worth mentioning will be compensated by a busy week from the U.S. The FOMC meeting is due on Wednesday and market expectations point an increase in the short term interest rates. The Fed will also be releasing its economic projections which could offer more insights into the path of rate hikes. Later in the week, the flash manufacturing and services PMI numbers will be coming out. On Friday, durable goods orders data will be released although the FOMC meeting is most likely to take the center stage.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 19th to 23rd Mar 2018
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