Technical Outlook: USDCHF retested the 0.9700 support level and eventually pushed higher. With the right shoulder being formed, further upside could be seen with the most important test of the inverse head and shoulders neckline resistance being challenged. A breakout above 0.9871 – 0.9845 would clear the way for USDCHF to rally towards parity. However, the risk of a failure to breakout from the inverse head and shoulders could push USDCHF lower. Watch for 0.9783 as the minor level. If USDCHF breaks below this level after failing to clear resistance, then the inverse head and shoulders pattern could fail.
Fundamental Outlook: The Swiss National Bank left the 3-month LIBOR rate unchanged last week at -0.75%. The week ahead is quiet but with the USD and the fundamental risks at hand, USDCHF could also experience strong volatility. USDCHF could remain broadly flat into next week’s opening but momentum could pick up starting Tuesday. USDCHF could also be affected by the potential policy outcome from the BoJ meeting earlier in the day.
USDCHF Weekly Forex Forecast – 19th to 23rd Sept 2016 – BULLISH
Price momentum in USDCHF looks like it’s pointing north and with Stochastic confirming that the Bulls are in control, we are bullish with USDCHF for this coming week.
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