Technical Outlook: The USDCHF currency pair was seen settling within the range of 0.9894 – 0.9821. Price action was seen holding steady within these levels for the most part of last week. The sideways movement in the currency pair could see a near term breakout down to the downside. A break below 0.9821 could send USDCHF pushing lower toward the 0.9629 level of support. This would mark a major correction in the currency pair and will also coincide with a firm retest of the breached resistance level at 0.9629.
Fundamental Outlook: Data from Switzerland remains quiet for the most part with only the producer prices index due over the week. Focus will shift to the USD where the Fed’s meeting underlines the week ahead. The FOMC meeting is due on June 14th where interest rates are set to be hiked by 25 basis points. The markets will also get a glimpse of the Fed’s quarterly projections and the press conference that will be held after the Fed meeting. Investors are bullish on the Fed as interest rates are likely to be hiked at least one more time this year. Besides the Fed meeting, other economic reports over the week will see the release of inflation data and retail sales.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 11th to 15th June 2018
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