Technical Outlook: The USDCHF remains range bound with with clear resistance level being established at 0.9741. Meanwhile, support at 0.9563 is likely to hold the declines to the downside. With the range getting tighter, we expect USDCHF to potentially breakout from this range in the short term.
We could anticipate further gains or declines depending on how the breakout occurs. To the upside, above 0.9741, we have the major resistance level at 0.9861 region. This would be hard to breach unless backed by some strong fundamentals, while to the downside, below 0.9563, the major support level at 0.9455 remains. Thus, USDCHF could be seen continuing to trade sideways before this range can be broken strongly.
Fundamental Outlook: Amid a busy trading week, data from Switzerland is mostly soft. The week starts off with the retail sales figures. Last month, retail sales in Switzerland were seen falling 0.7% on the year. However, this data is unlikely to impact the markets much. The main data point of interest will be the monthly inflation figures. Consumer prices in Switzerland remain muted. However, this has not impacted the currency much especially with the euro posting strong gains. This fact was seen by the SNB’s quarterly meeting previously where the central bank was seen to be more relaxed on the Swiss franc’s exchange rate
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 2nd to 6th Oct 2017
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