USDCHF Weekly Forex Forecast – 14th to 18th Aug 2017
Technical Outlook: USDCHF rallied towards 0.9730 before pulling back. However, the higher low formed suggests a potential inverse head and shoulders pattern forming on the daily chart. Watch for a reversal at the current levels of 0.9619. This would mark the right shoulder pattern being formed. To the upside, a breakout from the neckline resistance at 0.9730 will suggest further gains towards 0.9894. In the event that USDCHF dips below 0.9564, this would potentially invalidate this evolving inverse head and shoulders pattern.
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Fundamental Outlook: Data from Switzerland will see the monthly producer prices index data coming out on Tuesday. Besides this, the week is fairly quiet. However, the CHF will be driven by both the safe haven trade as well as the U.S. data. The FOMC meeting minutes will be an important economic event this coming week. Besides the FOMC meeting minutes, the U.S. retail sales figures will also be coming out. This will be followed up by the industrial production data and preliminary data on manufacturing such as the Empire State Manufacturing Index.
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