USDCHF Monthly Forex Forecast for August 2018
Technical Outlook: The USDCHF currency pair briefly broke past the previously noted resistance level of 0.9968. However, the gains saw a new resistance level being established at 1.0028. After two attempts to break past this resistance level, the currency pair posted strong declines. While the overall trend remains sideways, this comes at the top end of the rally. Therefore, the breakout within 1.0028 or 0.9803 could potentially determine the next leg of the trend in the currency pair. To the downside, a breakdown below 0.9803 could trigger a correction toward the lower support at 0.9462 – 0.9432.
Fundamental Outlook: As with most of the other markets, the economic calendar for the Swiss franc looks very light for the month of August. Therefore, most of the fundamentals are likely to be determined by the data from the United States. The only notable event over the month of August comes from the FOMC meeting minutes. However, no surprises are expected given the state of momentum in the U.S. economic growth. With the Swiss franc being one of the save haven assets, investors will be flocking to the Swiss franc in the event of any geo-political or economic shocks which remains the main risk for the USDCHF currency pair.
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