USDCHF Weekly Forex Forecast – 3rd to 7th Sept 2018
The markets open to a busy trading week. With the first week of the month, the economic calendar is dominated by monthly economic reports. A particularly busy week for the U.S. dollar will see the release of the ISM’s manufacturing and non-manufacturing PMI’s. Later in the week, the ADP private payrolls report will be coming out followed by the monthly employment statistics for August. Elsewhere in the Eurozone, the week will focus on the release of the manufacturing and services PMI figures for the month. This is later followed by industrial production and trade balance figures for France and Germany. The final revised GDP will also be coming out later this week. The economic calendar is quiet for Japan and Switzerland.
Chart set up: The USDCHF currency posted strong losses week as price action fell to a 4-month low by Friday’s close. The doji candlestick pattern on the daily chart indicates a potential pull back to those declines. However, the retracement is likely to be short lived.
Key support/resistance levels:
Support: 0.9659; Resistance: 0.9803
With the Stochastic oscillator in strongly oversold levels, the USDCHF is likely to see some upside prevailing in the near term. The breached support level at 0.9803 is the likely target to the upside where resistance could now be established. A short term support looks to have been formed near the current lows of 0.9659. As long as the lows are held, the USDCHF currency pair could be seen pushing to the upside. For the week ahead, USDCHF is expected to be bullish.
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