USDCHF Monthly Forex Forecast for July 2018
Technical Outlook: The USDCHF currency pair was seen losing just 0.47% in July with price action being muted for the most part. This comes following a strong period of gains. We expect that the temporary top has been formed in the currency pair. USDCHF is currently trading sideways within 0.9968 and 0.9803 region. A breakout from this range could trigger strong declines as price action falls lower to test the major support level at 0.9469 – 0.9432 region. This is also validated by the bearish divergence seen on the daily chart.
Fundamental Outlook: Following a busy month of June, the Swiss franc is expected to remain on the sidelines leaving most of the lifiting to the U.S. dollar. The data from the U.S. is no doubt busy especially with the monthly payrolls report. However, the big test will be the final weeks of July when the preliminary GDP numbers for the second quarter will be released. Markets are expecting to see the U.S. economy rebound strongly in the second quarter which could potentially see the USDCHF attempting to seek more gains.
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