USDCHF Weekly Forex Forecast – 14th to 18th May 2018
Technical Outlook: The USDCHF currency pair rallied to highs near 1.0042 before giving up some of the gains by Friday’s close. The price action near this level has turned somewhat flat and could suggest a modest retracement to the downside. USDCHF is likely to be tested the trend line from the price channel which could act as dynamic support. There is also a confluence of the horizontal price level at 0.9894 which together with the trend line could form a strong level of support. In the near term, USDCHF is likely to maintain the gains within the established range.
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Fundamental Outlook: Data from Switzerland is quiet with only the producer prices index data on the tap. Most of the flows will be determined by data from the U.S. in the week ahead. The economic calendar from the U.S. is packed started with the retail sales report on Tuesday. Other data over the week covers mostly the housing market with building permits and housing starts data expected to be released over the week.
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