Technical Outlook: USDCHF closed on Friday right at the 127.2% Fibonacci extension level from the descending triangle pattern. This signals a possibility of a reversal back to the broken support level near 0.9894 – 0.9861 where resistance could be formed. Establishing resistance here will mean that price could potentially reverse and continue the decline down to 0.9564 eventually.
Fundamental Outlook: A slow week from Switzerland will see the USDCHF looking to clues from the United States. It is a rather busy week for the U.S. dollar which will see the FOMC meeting minutes coming out on Wednesday. The minutes are expected to confirm the Fed’s hawkish view and reaffirm the rate hikes for June. Later in the week, on Friday, the second estimates for the first quarter GDP is expected to see a modest revision. The U.S. dollar closed on a weaker note last week but the economic developments next week could help the currency to regain some of the losses.
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USDCHF Weekly Forex Forecast – 22nd to 26th May 2017
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