USDCHF Weekly Forex Forecast – 12th to 16th Sept 2016
Technical Outlook: USDCHF shows a large inverse head and shoulders pattern that is still forming. Neckline resistance is seen at 0.9871 – 0.9845 with price currently seen forming the right shoulder. In the very short term, the current dip is likely to see a retest of 0.9700 region, following which further upside could be seen with the neckline resistance being the initial target, followed by a measured move to 1.000. In the event of a breakdown of prices below the low of the right shoulder at 0.9650, the pattern could come under pressure.
Fundamental Outlook: The Swiss National Bank’s monetary policy meeting is up this week. The Libor rate is expected to remain unchanged at -0.75% with the central bank seeing maintaining the status quo. The meeting is not followed up by a press conference. Still, the Swiss franc could remain under pressure in the run up to the SNB’s meeting. On the economic front, producer prices index due on Tuesday is forecast to fall 0.20%, more than the declines seen in July.
USDCHF Weekly Forex Forecast – 12th to 16th Sept 2016 – BEARISH
Looking at this chart, we are more bearish than bullish as we believe that USDCHF will likely be testing support. Stochastics is in overbought territory and heading down giving us an indication that the bulls might be running out of steam. The last two candlestick bar confirms that the bulls are running out of strength and we expect USDCHF to be heading south for this coming week to test support. If you are trading this Forex Pair, good luck. Let us know how it goes for you this week.
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