USDCHF Weekly Forex Forecast – 13th to 17th August 2018
Economic data for the week ahead moves to a quiet patch. The preliminary GDP report for the Eurozone will be coming out for the first quarter. This marks a second revised GDP estimate. The initial GDP report showed that the Eurozone economy advanced at a pace of 0.3% in the three months ending June 2018.
Data from the U.S. will see the release of the core retail sales report with other second tier data including the Empire state manufacturing index and the preliminary non-farm productivity cost index. The building permits data is also due over the week including the housing starts. Data from Japan and Switzerland are light with no important events lined up.
Chart set up: USDCHF has maintained its range within 0.9962 resistance and 0.9907 support for the most part of last week. This sideways range is also forming a potential ascending triangle pattern with price action forming a higher low last week.
Key support/resistance levels:
Support: 0.9907; Resistance: 0.9962
In the near term, the USDCHF is likely to attempt another go at the resistance level of 0.9962. A breakout above this resistance level could trigger further gains. The minimum upside on a successful breakout is toward 1.0000 level of parity initially. Alternately, failure to break the resistance could mean that the currency pair will once again consolidate within the range. For the week ahead, the USDCHF currency pair is expected to be flat.
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