USDCHF Weekly Forex Forecast – 30th July to 3rd August 2018
The markets look to a busy week this coming week which marks the end of July. Economic data kicks off with the Bank of Japan set to hold its monetary policy meeting. According to some rumors, the BoJ is expected to announce a possible change to its interest rate targets. The week ahead will also see the release of the core PCE price index data from the U.S. the report comes ahead of the September monetary policy meeting. The start of August will trigger the release of the main important fundamentals which includes the ISM manufacturing PMI and Friday’s payrolls report. The FOMC will be holding its placeholder monetary policy meeting on the 1st of August. No changes are expected to interest rates at this week’s meeting with investors expecting to see a rate hike in September. Data from the Eurozone over the week covers the flash inflation estimates for the month of July. The economic calendar from Switzerland is relatively quiet this week.
Chart set up: The USDCHF currency pair was seen bouncing off the median line to briefly rally back to the resistance level around 0.9962. The 4-hour Doji was followed through be a bearish close which could potentially signal a move to the downside as price action could test the support level that has been freshly established.
Key support/resistance levels:
Support: 0.9907; Resistance: 0.9962
The USDCHF currency pair is expected test the support level and could possibly maintain a sideways range within the support and resistance level mentioned. A breakout from this level could trigger the next leg of the short term trend. We expect a downside breakout which could push USDCHF lower to test the next support at 0.9870.
For the week ahead, the USDCHF currency pair is expected to be bearish.
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