USDCHF Weekly Forex Forecast – 14th to 18th Jan 2019
The economic data for the week ahead will start off with the Fed Chair Jerome Powell speaking. The Fed president has given speeches a number of times in the past few weeks. This comes as the markets and the Fed try to reach a consensus on the future of interest rates. Other economic data from the U.S. includes the monthly producer price index. The data measures inflation at the factory gate and could indicate how consumer prices could settle in the coming months. Retail sales figures for December in the United States are also due this week.
Given the holiday month, retail sales could be seen coming out stronger compared to the month before. Finally, factory orders report will be another report that could shed light on factory production. From the Eurozone, the economic calendar is quiet for the month part. The final inflation report for December will be coming out this week. This includes inflation reports for Germany and the Eurozone on the whole. Recent flash inflation estimates signaled that consumer prices had weakened. Economic data from Japan and Switzerland are relatively quiet for the most part this week.
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Chart set up: The USDCHF currency pair extended declines down to the support level identified at 0.9741. However, price action managed to reverse the losses following the doji candlestick pattern that was formed slightly below this level before pushing higher.
Key support/resistance levels:
Support: 0.9741; Resistance: 0.9870
The price action in USDCHF suggests that there will be a short term sideways price action taking place. The resistance level at 0.9870 remains a key level of interest as price action is likely to test this level in the short term. A breakout above this level is required for the USDCHF currency pair to extend the gains. Until then, price action is expected to remain flat for the short term. An unlikely break down below the support at 0.9741 could push the USDCHF lower. For the week ahead, we expect the USDCHF currency pair to be slightly bearish.
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