USDCHF Weekly Forex Forecast – 17th to 21st July 2017
Technical Outlook: USDCHF has been consolidating within 0.9730 ad 0.9564 levels of resistance and support. This sideways range could be breached with a break out from either of the two levels. To the downside, further weakness can be seen if USDCHF breaks out from the 0.9564 support. To the upside, above 0.9730, we can expect to see price action retest the breached support level at 0.9894 – 0.9861 where resistance could be established. Either ways, the there is a slight hint of a bullish bias based on the current consolidation levels.
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Fundamental Outlook: The economic calendar from Switzerland is void of any key economic reports this week. Therefore, focus will be on the larger market sentiment and data from the United States which will be the key driver. In the U.S. the economic calendar includes the U.S. import prices and building permits data as well as housing starts. While most of these data points are second tier, focus will be broadly on the U.S. housing markets, which is considered to be a leading indicator of the economy. Therefore, a weaker than expected reading could potentially dent the sentiment in the U.S. dollar, which will give the Swiss franc a boost..
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