Technical Outlook: USDCHF has been posting a steady decline but the price action is indicating a strong medium term correction to prices. However, expect to see the upside in prices only above 0.9949 which remains as a resistance level. A breakout above this resistance level will be indicative of a continuation to the upside, targeting 1.0031. Alternately, failure to break out above 0.9949 will signals a sideways price action in USDCHF within the resistance level and the support level at 0.9871.
Fundamental Outlook: Not much of data from Switzerland this week, focus will be on the second tier data which includes UBS consumption indicator and the Swiss economic expectations. Data from the U.S. will therefore be the key driver of the markets this coming week. Watch for the Wednesday’s final GDP print from the U.S. while personal income and spending data is expected to rise 0.2% during the month. A lot of Fed members are lined up for speeches during the week as well.
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USDCHF Weekly Forex Forecast – 27th to 31st Mar 2017
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