Technical Outlook: The USDCHF managed to post some gains but price action reversed the losses near the 0.9455 level of resistance. We see the potential for an inverse head and shoulders pattern to emerge following the decline off the resistance level. Watch for a higher low being formed which could potentially form the right shoulder. A breakout from 0.9455 which will become the neckline resistance could put USDCHF on path for gains toward 0.9611.
Fundamental Outlook: The economic calendar is virtually empty for Switzerland during the week ahead. However, the USDCHF will be driven by a data heavy week from the U.S. For starters, the ISM non-manufacturing PMI is due Monday with the week also scheduled to report on the private sector hiring. ADP and Moody’s analytics will be releasing the monthly ADP report on Thursday and this will be followed by the monthly non-farm payrolls report on Friday.
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USDCHF Weekly Forex Forecast – 5th to 9th Mar 2018
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