USDCHF Weekly Forex Forecast – 10th to 14th Sept 2018
The week ahead is expected to be quiet for the most part as far as data from the Eurozone is concerned. The German WPI along with Italian industrial production figures will be some of the reports on the economic front. The main highlight of the week will be the ECB’s monetary policy meeting. The ECB meeting, which is due for Thursday will see no changes to monetary policy. The ECB will be announcing that it would continue with the 15 billion bond purchases which will end in December this year. The euro currency could be seen turning a bit volatile on the event. Data from Japan this week is quiet with only second tier data on the cards. The Japanese yen will of course continue to play out to the market sentiment. The economic data from Switzerland is virtually empty with no notable releases due this week. In the U.S., the week ahead will see the release of the producer and consumer prices report. The data covers the period of August. This is later followed by the retail sales report. The data comes a week ahead of the FOMC’s meeting where interest rates are set to rise.
Chart set up: The USDCHF currency pair extended declines last week but price action bounced back after testing the previously formed lows near 0.9695 region. The reversal came following the doji candlestick pattern with a bullish follow through.
Key support/resistance levels:
Support: 0.9659; Resistance: 0.9803
AS USDCHF reverses testing the support level of 0.9659, the currency pair is posed to see some upside. The resistance level at 0.9803 remains the most likely target. However, price will need to rise above the previously established highs near 0.9745. In the longer term, USDCHF could be seen trading within this broader range, but the bias in the long term trend remains to the downside. However, for this to occur, USDCHF will be need to break the downside. For the week ahead, USDCHF is expected to be bullish.
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