USDCHF Weekly Forex Forecast – 13th to 17th Feb 2017
Technical Outlook: USDCHF has turned bullish following the hidden bullish divergence that was identified last week. Price briefly rallied to 1.0060 before closing lower. Further upside is expected on a breakout above 1.0060, in which case USDCHF will be testing 1.0100 which is a resistance levle of interest. USDCHF could therefore remain range bound within 1.0100 – 0.9934 levels with further gains or declines coming only on a break out from one of these two levels.
Fundamental Outlook: Switzerland will kick off the week with producer prices and consumer price data on Tuesday. PPI is expected to show another month of increase as economists expect to see a 0.3% increase, up from 0.2% previously. Headline inflation is however expected to remain subdued, falling 0.1% on a monthly basis. While the remainder of the week is quiet as far as data from Switzerland is concerned, the U.S. will be looking to a busy week. Some of the important highlights include Janet Yellen’s semi-annual testimony to congress, U.S. inflation report for January and retail sales figures.
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