USDCHF Weekly Forex Forecast – 16th to 20th July 2018
Data from Switzerland is quiet for the week ahead. On the other hand, the U.S. economic calendar is somewhat busy which is likely to keep the flows in the USDCHF currency pair. The week starts off with the U.S. retail sales numbers coming up. Later in the week, focus turns to the housing market data and is later followed by the regional manufacturing index reports. With the recent manufacturing activity measured by ISM rebounding strongly, investors will be looking to see if the momentum is maintained in the month of July.
Chart set up: The USDCHF currency pair was seen posting strong gains. The gains were however met with a resistance level near 1.0056 which remains a multi-month resistance level. The stochastic oscillator is strongly overbought suggesting a near term correction in price action.
Key support/resistance levels:
Support: 0.9962; Resistance: 1.0056
Following the strong rally to 1.0056, the USDCHF currency pair is expected to retrace the gains. This means that price action is very likely to post declines to the support level at 0.9962. A retest of this level which previously served as resistance is expected to keep price action in USDCHF in check. Despite this, we expect the USDCHF currency pair to post a correction in the coming week. For the week ahead, the USDCHF currency pair is expected to be bearish.
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