USDCHF Weekly Forex Forecast – 13th to 17th Nov 2017
Technical Outlook: The USDCHF closed above the 0.9894 – 0.9861 level of resistance. This puts the upside bias towards the next resistance level of 1.0088. We can expect to see a near term decline back to 0.9894 – 0.9861 level. This level could now be tested as support and could pave way for USDCHF to post further gains towards the 1.0088 resistance level. Failure to maintain the gains above the support level could signal a correction that will send USDCHF lower towards 0.9741 level of support.
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Fundamental Outlook: It will be a quiet week from Switzerland as only the producer prices index data will be coming out. Traders will therefore focus on the U.S. economy data which is somewhat busy in comparison. The week ahead will see the latest consumer price index data on Wednesday followed by retail sales numbers as well. Some forward looking indicators such as the Philly Fed manufacturing index and the Empire State manufacturing index numbers will also be released over the week. This could potentially signal the bullish momentum in the U.S. economy that could keep the USDCHF supported to the upside in the near term..
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