USDCHF Weekly Forex Forecast – 1st to 5th Oct 2018
The economic calendar for the week ahead will be dominated fresh monthly reports. The data will shed light on the final month of the third quarter. This will help investors to assess how various economies performed during this period. The week starts off with final services and manufacturing PMI reports from the Eurozone. Recent estimates put manufacturing PMI easing back while services PMI remained steady.
Data from Japan will see the release of the household spending and the average cash earnings. The two aspects will be crucial in shaping inflation expectations. While data from Switzerland is quiet for the week ahead, the data from the U.S. will keep the markets busy. The monthly ISM’s manufacturing and non-manufacturing PMI reports will be coming out. This is later followed by the monthly ADP private payrolls report and eventually culminate with the official payrolls data.
Chart set up:
The USDCHF currency pair turned bullish as price action closed the week near the resistance level of 0.9803. This marks a retest of the previously breached support level. If resistance is formed here, the USDCHF currency pair could potentially start a correction.
Key support/resistance levels:
Support: 0.9649; Resistance: 0.9803
The USDCHF currency pair was seen accelerating with strong gains last week. With price action on the 4-hour chart posting a strong bullish candlestick, we expect a potential breach of the resistance level. Failure to clear this resistance level could push the USDCHF back lower to the support at 0.9649. The overall trend in USDCHF remains flat for the moment. But this could change if the resistance level is breached to the upside. The renewed trend in USDCHF could push the bias back to the upside. For the week ahead, USDCHF is expected to be flat.
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