Previous USDCHF Weely Forex Forecast
Technical Outlook: USDCHF rallied to a 9-month high last week, closing on Friday at 1.0098 after a bullish close above the doji’s high formed on Wednesday. Price is near the major resistance level of 1.0128 which could be tested in the near term, but could signal a correction soon. Look for a reversal pattern on the daily chart near 1.0128 which could signal a move to the downside. The broken resistance at 0.9934 will be tested for support marked by a breakout of the trend line since December 2015.
Fundamental Outlook: A slow week for the Swiss franc which leaves the USDCHF vulnerable to data flows from the US. This week, the FOMC meeting minutes will be released, which could give some insight into the Fed’s internal deliberations as the committee held interest rates steady in November. The FOMC minutes could offer clues into what the markets already know about an impending rate hike at the December FOMC meeting. Similar to other safe haven currencies, the Swiss franc is likely to weaken against the dollar in the coming weeks.
USDCHF Weekly Forex Forecast – 21st to 25th Nov 2016 –Â Bearish
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