Technical Outlook: The USDCHF currency pair posted declines as it broke past the support level at 0.9741. The declines pushed the currency pair weaker to post fresh lows at 0.9535 level but soon recovered from the lows. We expect to see the upside momentum continuing to push USDCHF towads the 0.9741 level where resistance could be seen capping the gains. In the near term, USDCHF is seen to establish a range between the current lows and the resistance level mentioned. Further upside is possible but USDCHF could be limited to 0.9861 – 0.9894 levels.
Fundamental Outlook: Data from Switzerland this week is sparse. The major drivers of the fundamentals in the USDCHF currency pair will of course com from the U.S. data. The flash manufacturing and services PMI figures will be coming out this week and could provide an initial glimpse into the economy for the month of January. Later in the week, the U.S. advance GDP report for the fourth quarter will be closely watched. The U.S. durable goods orders report will also be released simultaneously.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 22nd to 26th Jan 2018
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