USDCHF Weekly Forex Forecast – 12th to 16th Feb 2018
Technical Outlook: After testing a 2-year low, USDCHF was seen forming a bottom near 0.9258 level. Price action was seen to be consolidating as price lifted from the 2-year low to briefly tested the previously breached support at 0.9455 level which is now acting as resistance. USDCHF posted a decline off this resistance level last week. We expect to see further consolidation taking place at this level in the near term, but the bias is to the upside. Watch for a breakout above 0.9455 level. Clearing this resistance could potentially pave the way for USDCHF to rise to 0.9741 level where resistance can be seen and it likely the next target to the upside.
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Fundamental Outlook: A quiet economic calendar from Switzerland this week will focus only on the producer price index and the consumer inflation data. Looking to the data from the U.S. which will be the main driver, the monthly inflation and retail sales numbers will be coming out on Wednesday. Most of the economic data will however focus on the housing data which includes the building permits and housing starts figures. Import prices data will also gain prominence in the context of imported consumer price inflation.
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