USDCHF Weekly Forex Forecast – 19th to 23rd June 2017
Technical Outlook: USDCHF has formed a bottom with price consolidating near 0.9730. A continuation to the upside is required for USDCHF to test the previously broken support level of 0.9894 – 0.9861. If resistance is established here on the counter trend move, USDCHF could be seen pushing lower in the coming weeks. The downside target near 0.9564 remains in sight with the bias to the downside. In the near term, USDCHF could remain range bound with the possible rally to 0.9894 – 0.9861 likely to see renewed selling enter the market. A breakout above 0.9894 – 0.9861 is essential to shift the bias to the upside..
Fundamental Outlook: Not much of data to look to as far as the Swiss franc is concerned. However, the Swiss National Bank Chairman, Thomas Jordan is scheduled to speak on Tuesday, 20 June. The Chairman’s speech comes after last week’s SNB’s decision to leave the 3-month LIBOR rate unchanged at -0.75% on sight deposits. The SNB also noted that it would continue to intervene in the markets to weaken the Swiss franc if needed.
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