USDCHF Weekly Forex Forecast – 12th to 16th Mar 2018
Technical Outlook: The USDCHF currency pair built some upside momentum as price action managed to clear the resistance level that was formed at 0.9455. The breakout above this level could potentially indicate further near term gains in price. We expect USDCHF to eventually target 0.9741 level of resistance which had previously served as support. To the downside, any dips are likely to stall near 0.9455 level with possible downside bias building up in the event that USDCHF closes back below the resistance/support level.
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Fundamental Outlook: Data from Switzerland remains light for the most part with Thursday’s quarterly central bank meeting from the Swiss National Bank standing out. The three month Libor rate is expected to remain unchanged at -0.75% at this week’s meeting. The central bank officials are also expected to maintain the status quo with the potential risk of talking down the Swiss franc. On the economic front, Switzerland’s PPI data comes out just before the SNB’s meeting. Overall, the data from the U.S. will also have an impact as the markets turn focus to the inflation figures for February. Other items that stand out include the building permits report due on Friday.
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