Technical Outlook: The USDCHF currency pair was seen trading flat within the 1.0024 and 0.9957 region. Last week’s downside breakout from this range pushed USDCHF to the first major support at 0.9894. In the short term, we could expect to see a rebound in prices. However, we expect that 0.9957 could now turn to resistance. A reversal fro here could keep USDCHF to the downside. A breakdown below 0.9894 could trigger USDCHF to post losses to the next support level at 0.9821.
Fundamental Outlook: Data from Switzerland this week will see the release of the trade balance figures followed by the quarterly GDP numbers and the retail sales figures. The data points are unlikely to move the Swiss franc much which is likely to be overshadowed by the U.S. data. This week will see the release of important economic reports from the U.S. These include the second revised GDP estimates and the ADP’s private payrolls report. Both the data points could potentially keep the U.S. dollar volatile over the week. Friday will feature the monthly ISM manufacturing PMI data which is expected to rise in the month of April and of course the monthly payrolls report.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 28th May to 1st June 2018
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