Technical Outlook: USDCHF was seen consolidating near the short term support level at 0.9894 – 0.9861 last week. A breakout from the rising median line and a close below this support level could potentially signal some near term decline in prices. The next downside target will be back near the previous lower support of 0.9741 followed by a move towards 0.9561. Alternately, in the event that USDCHF posts a higher high, we could expect the upside momentum to push towards targeting the upper resistance level at 1.0088.
Fundamental Outlook: After last week’s SNB meeting which did not see any major changes to monetary policy and the Swiss National Bank leaving the 3-month LIBOR rate unchanged at -0.75%, the week ahead is relatively quiet. Trade balance figures stand out amid a quiet week. Data from the U.S. remains critical for the USDCHF currency pair. The final GDP figures for the third quarter will be released this week alongside other key economic indicators that include the weekly unemployment claims, building permits and the durable goods orders data. The week concludes with the data focusing on the personal spending and personal income figures for November.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 18th to 22nd Dec 2017
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