USDCHF Weekly Forex Forecast – 29th Oct to 2nd Nov 2018
The week ahead will be mixed with the start of a new trading month. Data over the week will see the French flash GDP estimates on Tuesday. The German retail sales report is due along with the EU’s fresh economic forecasts. The preliminary GDP report for the Eurozone for the third quarter will also be on top of investor minds. Flash inflation estimates will also be due from the Eurozone this week.
The Bank of Japan will be holding its monetary policy meeting on Wednesday. No major changes are expected, and the central bank could hold its interest rates unchanged. The meeting will be followed by a press conference by BoJ Governor Kuroda. Data from Switzerland is quiet for the most part this week. The U.S. economic calendar is of course busy. The week starts off with the Fed’s preferred gauge of inflation, the core PCE price index coming out. This is later followed by big ticket items such as the ADP private payroll numbers and the ISM’s manufacturing PMI data. Later on Friday, the monthly payrolls report take center stage once again.
Chart set up: The USDCHF currency pair briefly broke past the resistance level of 0.9967 before testing parity. However, price action quickly gave up the gains to test the breached resistance level to find support.
Key support/resistance levels:
Support: 0.9967; Resistance: 1.0048
With USDCHF quickly testing the breached resistance level for support, we expect to see some sideways price action taking place. The currency pair could maintain a flat range within the mentioned support and resistance level. However, the price action is starting to show a potential correction in the currency pair. Watch for the USDCHF to break down below the support level of 0.9967. A close below this level will indicate potential declines back to the previous support at 0.9803. For the week ahead, USDCHF is expected to be bearish.
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