USDCHF Weekly Forex Forecast – 11th to 15th Sept 2017
Technical Outlook: The USDCHF was seen falling back to the previous support level established at 0.9455. Price action tested the lows from July 21, briefly breaking past this low before recovering slightly. With price at support, the follow through will suggest the near term outlook. As long as the support level is not breached, USDCHF could possible post a reversal at this level. In this scenario, the currency pair could still look at targeting the main resistance at 0.9894 – 0.9861. Alternately, a break down below 0.9455 will signal further downside in the currency pair pushing through to 0.9400 support..
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Fundamental Outlook: It will be a somewhat busy week for the Swiss franc. This week’s SNB quarterly monetary policy meeting is due on Thursday. The central bank is expected not to make any changes, leaving the 3-month LIBOR rate unchanged at -0.75%. The SNB is also likely to signal that the Swiss franc is overvalued, sticking with the familiar narrative. The Swiss franc is also likely to react to data from the U.S. which includes the monthly PPI figures and consumer price index data.
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