Technical Outlook: USDCHF briefly tested the support near 0.9650 before posting a strong bullish candle from this support. With prices closing above 0.9700, further upside can be seen in USDCHF which could now target 0.9783. The bias remains to the upside as long as support at 0.9700 holds out with further gains to come targeting 0.9845. Alternately, a close below 0.9700 could see near term declines to 0.9650 support once again.
Fundamental Outlook: A fairly quiet week for the Swiss franc, USDCHF will likely be influenced by the US data. The Swiss franc weakened by last Friday with rumors of SNB intervention, which is a reminder for traders that the central bank is actively involved in the forex markets. In the US, ISM manufacturing and non-manufacturing data along with Friday’s jobs report will be the main events to look forward to.
We feel USDCHF might just be heading south this week. However, it’s not all Bear… it’s gonna be a good push and pull between the Bulls and Bears this week. Well, at least, that’s how we feel it’s going to be with USDCHF. It’s bearish but at the same time rather quite sideways. We can only wait and see how happens…
USDCHF Weekly Forex Forecast – 3rd to 7th Oct 2016 – BEARISH
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