Technical Outlook: USDCHF briefly dipped to the support zone of 0.9871 - 0.9845 before rallying higher. However, this is not what was expected and therefore the upside could be limited from now on. Price action on USDCHF also shows the rising wedge pattern that has formed which could indicate a near term correction to the downside. Following the break of the rising wedge pattern, watch for a breach of the immediate support at 0.9871 - 0.9845 which will then see a follow through with a decline towards 0.97730. The bearish bias will be invalidated if price takes support off the dynamic trend line and a break above the recent high of 0.9956 could signal further upside. Fundamental Outlook: A quiet week from Switzerland will see most of the catalyst coming from the US as far as USDCHF is concerned. The week ahead is marked by US durable goods orders which is expected to show a small recovery from the previous month. More importantly, Friday's advance GDP report will be watched with expectations showing a 2.5% increase in US GDP during the third quarter. Other economic data includes US new home sales and flash PMI's.

USDCHF Weekly Forex Forecast - 24th to 28th Oct 2016 - BEARISH