Technical Outlook: The USDCHF currency pair broke out from the sideways range established within 0.9894 and 0.9821. The upside breakout in prices pushed the currency pair to test the 0.9957 resistance. The upside momentum could keep the gains intact as USDCHF could be seen rallying to the next resistance level of 1.0042. This would mark a strong recovery in the USDCHF currency pair which was previously seen drifting back to form a bottom at 0.9821.
Fundamental Outlook: The week ahead will be dominated by the Swiss National Bank’s monetary policy meeting. According to sources, the SNB is expected to leave the 3 month LIBOR rate unchanged at -0.75%. The monetary policy decision due on Thursday will be followed up by a press conference. No changes are expected at this week’s meeting. Data from the U.S. will also influence the currency pair. Most of the economic reports from the U.S. this week will cover the housing market sector.
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USDJPY Weekly Forex Forecast – 18th to 22nd June 2018
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