Technical Outlook: USDCHF is on track to extend the declines down to 0.9564 which marks the 161.8% measured target of the descending triangle pattern. However, the bearish momentum is likely to stall after price hits this target. Therefore, watch for any short term bounce in price. We need to see some previous lower highs being breached in order to expect any sustained upside moves in USDCHF. Watch for the range between 0.9730 and 0.9564 this week with a break out from this range establishing further continuation.
Fundamental Outlook: The Swiss Franc will be looking to Thurday’s inflation report and the unemployment data. It is unlikely that the data will impact the Swiss franc much. However, the focus will be on Thursday’s general elections in the UK. The uncertain outcome with the expectation that the incumbent, Theresa May’s conservative party might not gain the majority as initially expected could spook the markets. As a result the Swiss franc could be seen strengthening in the near term.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 5th to 9th June 2017
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