USDCHF Weekly Forex Forecast – 21st to 25th May 2018
Technical Outlook: The USDCHF currency pair has been trading flat near the top end of the rally. A sideways range has ben established within 1.0024 and 0.9957. This flat price action is likely to result in a volatile breakout. The Stochastics on the 4-hour chart is currently oversold which indicates that there could be another short term rally to the leg. However, we expect prices to remain caught within the range. There is an increasing chance that a downside breakout could result in USDCHF attempting to establish support at 0.9894.
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Fundamental Outlook: Data from Switzerland is quiet with no major releases of interest. Focus will of course turn to the FOMC meeting minutes from the United States. The meeting minutes cover the most recent FOMC meeting where interest rates were left unchanged. The central bank had also signaled the prospects of waiting if inflation overshoots the 2% inflation target rate. Investors will be closely assessing the meeting minutes in this regards. Other data over the week includes the home sales report and flash manufacturing PMI for the month of April. Later in the week, the U.S. durable goods orders report will be coming out.
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