USDCHF Weekly Forex Forecast – 27th to 31st August 2018
Economic data for the week ahead will see only the U.S. second revised GDP estimates standing out. Data from Japan, Switzerland and the Eurozone take a backseat. Some of the economic reports from the U.S. will cover the personal spending and personal income data. The core PCE price index data will also be due this week. In the Eurozone, data will see the release of the German retail sales figures. Flash inflation estimates for the month of August will give preliminary insight into consumer prices for August. Data from Japan and Switzerland are light for the week ahead.
Chart set up: The USDCHF currency pair fell sharply to test the lower support at 0.9821. The strong losses pushed the currency pair to test the support level twice. At the same time, the 4-hour Stochastic Oscillator is seen printing a higher low as a result. This suggests some divergence building up.
Key support/resistance levels:
Support: 0.9821; Resistance: 0.9867
With the USDCHF currency pair testing the lower support, we expect to see some upside momentum. However, in the near term price action could remain trading within 0.9861 – 0.9821 levels. An upside breakout could trigger gains pushing USDCHF toward 0.9907 which would mark a retracement to the decline. For the week ahead, USDCHF is expected to remain slightly bullish.
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