Technical Outlook: The USDCHF posted strong gains over the week and reached the upside target of 0.9629. The gains came after a brief period of consolidation in the price near the 0.9462 level. Following this rally, USDCHF was seen giving up the gains rather quickly by Friday’s close. In the near term, USDCHF is expected to maintain the range within the mentioned resistance and support levels. Watch for another modest gain to the upside and if USDCHF forms a lower high below 0.9629, then we expect to see price action falling back to the support level.
Fundamental Outlook: Data from Switzerland this week is quiet with only the unemployment rate and the producer price index data on the cards. Most of the flows into the Swiss franc will be determined by the economic data from the U.S. and the market sentiment to a certain extent. This week, the economic data from the U.S. will cover the producer prices index as well as the consumer prices index data. A higher than expected increase in inflation could potentially keep the markets on the back foot as speculation could rise that the Fed will hike four times this year against the current expectations of three rate hikes. On Wednesday, the FOMC meeting minutes data will be released which could be a highlight for the markets..
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 9th to 13th April 2018
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