Technical Outlook: USDCHF has broken down below 1.0227 support/resistance level and indicates further declines. Look for a short term rebound towards 1.0227 where resistance can be established ahead of further declines to the support level at 0.9934 which will complete the downside breakout of the rising wedge pattern. The bearish outlook is validated by the strong bearish divergence on the daily Stochastics. Alternately, to the upside further gains are seen coming only above 1.0227 which needs to turn to support, thus limiting the upside for the moment.
Fundamental Outlook: Data from Switzerland next week will see the monthly inflation figures. Headline inflation in Switzerland remains weak with November’s inflation figures showing a 0.2% decline on a month over month basis while the annual inflation rate was down 0.3%. The data is however unlikely to move the USDCHF much, instead the data from the U.S. will be the key driver in the markets. Also, over the weekend, China will be releasing its monthly PMI figures as well which could potentially spark off another decline in the markets pushing the safe haven Swiss franc higher as a result.
Previous USDCHF Weely Forex Forecast
USDCHF Weekly Forex Forecast – 2nd to 6th Jan 2017 – Bearish
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