USDCHF Weekly Forex Forecast – 20th to 24th August 2018
The economic calendar for the week ahead is slightly busy marked by some key releases that could dominate the headlines. Both the ECB and the Federal Reserve will be releasing the meeting minutes this week. The minutes cover the central bank meetings held in August. No changes were made by either central banks. Economic data over the week will cover the final GDP numbers for Germany covering the second quarter. Elsewhere, the flash manufacturing and services PMI reports will be released for the U.S. and the Eurozone for the month of August. The annual Jackson Hole symposium is also scheduled to be held this week. Investors will be closely looking at any important comments from central bankers at the event. Economic data from Switzerland is quiet.
Chart set up: The USDCHF currency pair closed with small gains with the larger timeframe indicating consolidation for the third consecutive week. On the 4-hour chart, price action has repeatedly failed to breakout above the 0.9962 resistance level.
Key support/resistance levels:
Support: 0.9907; Resistance: 0.9962
We expect to see further consolidation taking place near 0.9962 and the failure to post a clear breakout above this level suggests the downside momentum taking shape. The failure to breakout from the resistance level will push USDCHF lower toward 0.9907 level of support initially. Alternately, in the event that USDCHF manages to breakout above 0.9962, we could expect the ascending triangle to be validated. This will likely keep the bullish momentum as the currency pair could be seen targeting 1.0019. For the week ahead, USDCHF is expected to remain flat.
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