Technical Outlook: USDCHF is back near the resistance level of 0.9871 – 0.9845 last week. But we see on the 4-hour chart of the hidden bearish divergence that has formed. Price could be seen rising towards 0.9914 – 0.9934 in the near term but look out for a reversal here, which could see USDCHF push back towards 0.9773 support. In the near term, USDCHF will remain range bound within these levels but a breakout in the medium term is quite likely. For the moment, USDCHF is best to trade the sideways price action.
Fundamental Outlook: From Switzerland, the producer price index data will be coming out next week with expectations of a 0.2% increase on a month over month basis. SNB board members are also due to speak over the week which could keep the volatility going. However, focus will shift to US data where Fed Chair, Janet Yellen will be speaking this week as well economic data which includes inflation and retail sales numbers for October. Headline CPI in the US is expected to rise 0.4%, stronger than the 0.3% increase seen in September while retail sales is expected to rise 0.5% on the core and 0.6% on the headline.
USDCHF Weekly Forex Forecast – 7th to 11th Nov 2016 – Mildly Bullish
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