Technical Outlook: The USDCHF continued to extend the declines with the support level at 0.9455 failing to hold the declines. Price action has extended below this level and we expect to see some consolidation near the current lows of 0.9235. A rebound to the upside could see price initially facing resistance at the 0.9455 which could now turn to resistance. However, a break out above this level could see some recovery in USDCHF taking place. To the downside, expect further declines if USDCHF posts a rebound at 0.9235 only to reverse the gains.
Fundamental Outlook: Data from Switzerland is relatively quiet this week. The only notable data point will be the unemployment rate that will be released on Friday. No changes are expected to the labor market in Switzerland. From the U.S. the focus will shift to a rather busy week which will see the ISM’s non-manufacturing PMI numbers coming out. Later in the week, the U.S. trade balance figures will be released which could show a higher deficit as the U.S. imports outpace the exports. The week winds off with the UoM’s consumer sentiment data and the final wholesale inventories report.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 5th to 9th Feb 2018
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