USDCHF Weekly Forex Forecast – 19th to 23rd Nov 2018
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The economic calendar for the week ahead is expected to remain broadly quiet. Data from the Eurozone will focus on the ECB’s monetary policy meeting minutes. The minutes cover the recently held ECB meeting in October when the central bank cut its QE purchases to 15 billion euro. Economic data will cover the release of the flash manufacturing and services PMI including final third quarter GDP report from Germany.
Data from Japan and Switzerland are quiet with only the national core CPI rate due from Japan. The data from the U.S. will see the durable goods orders report coming out following by building permits and housing starts data. The markets are expected to remain slightly volatile due to the BREXIT concerns. This could spark a bid to safety that could push the yen and the Swiss franc higher during the week.
Chart set up: The USDCHF currency pair was seen consolidating near the resistance area of 1.0080 before easing back towards the week’s end. Price action was seen breaking out from the rising price channel. In the near term, this could indicate a correction in prices if the breakout is validated.
Key support/resistance levels: Support: 0.9951; Resistance: 1.0080
The breakout from the rising price channel indicates that the long rally in USDCHF is likely to see a major correction taking place. However, we expect to see some more consolidation taking place at the current levels. To the downside, the lower support at 0.9915 is likely to hold the declines in the USDCHF. We expect price action to potentially rebound off this level of support. For the week ahead, USDCHF is expected to be bearish.
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