USDCHF Weekly Forex Forecast – 15th to 19th May 2017
Technical Outlook: USDCHF is continuing to make lower highs and the support level at 0.9894 – 0.9861 has been repeatedly tested. A break down below this support level will no doubt trigger further declines on the descending triangle pattern that is being formed. Alternately, a break out from the falling trend line could trigger some bullish upside in prices. Given the current structure of USDCHF, it is ideal to purchase USDCHF near the support level and booking profits at regular intervals on the upside bounce. A daily close below 0.9861 will however signal a bearish outlook and will invalidate the upside bias.
Fundamental Outlook: A quiet week from Switzerland, this week shows only the release of the producer prices index which is expected to see no change in April. This follows last week’s inflation figures that were released, which rose 0.2% on a monthly basis as expected. It is also a quiet week from the U.S. where data is expected from the NY Fed’s Empire State manufacturing index and the Philly Fed manufacturing index, both of which are forward looking indicators.
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