Technical Outlook: USDCHF has been posting strong gains but price action looks weak to the upside. Further gains can be seen coming on a consolidation near 1.0227 resistance/support region. Friday, USDCHF closed with an inside bar which could signal a near term consolidation followed by a breakout. To the downside, watch for price to clear 1.0227 in which case, we can expect strong declines coming towards 0.9934 support which is yet to be tested. This level is validated by the rising wedge pattern and the support level from the median line. Alternately, an upside breakout signalcould further gains in USDCHF over the coming weeks. The bias to the downside is also validated by the bearish divergence on the Stochastics oscillator.
Fundamental Outlook: After the SNB left the 3-monit LIBOR rate unchanged at -0.75%, the only other data of importance next week is the trade balance figures. This essentially puts the focus to the U.S. economic data next week which is largely quiet with the exception of the final GDP revisions. Expectations call for a 3.3% increase on the final revised GDP. In the second revision, the U.S. GDP was revised from 2.9% to 3.2%. Besides the GDP figures, durable goods orders data will also be released this week.
Previous USDCHF Weely Forex Forecast
USDCHF Weekly Forex Forecast – 19th to 23rd Dec 2016 – Bearish
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