USDCHF Weekly Forex Forecast – 4th to 8th Dec 2017
Technical Outlook: The USDCHF currency pair has been drifting lower following the break down below the 0.9894 – 0.9861 level of support and resistance. Price briefly tested the minor support at 0.9741 last week before pulling back higher. This marks a retest of this level which previously served as resistance. But the tight range could mean that USDCHF will be moving sideways in the near term. The risk of a break down from the support could signal USDCHF’s move back to 0.9563. To the upside, price action will need to strongly close above the resistance region to test the next main level at 1.0088.
Fundamental Outlook: Data from Switzerland this week is marked by the inflation and the unemployment report. The quiet data week will see much of the focus coming from the U.S. A busy week for the U.S. will see the release of the ISM’s non-manufacturing PMI followed by the jobs report. On Wednesday the ADP will be reporting on the private payrolls data while on Friday, the official nonfarm payrolls report will be released. This will be the final report ahead of the Fed meeting due in a few week’s time. As long as there are no dovish surprises in the payrolls report, the Fed is expected to push ahead with its interest rate hikes this month.
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