Technical Outlook: USDCHF continued to extend the declines down to 0.9934 as the daily chart’s Stochastics points to a hidden bullish divergence with price making a higher low and the Stochastics printing a lower low. The current consolidation near the support level at 0.9934 could however mean there is scope for USDCHF to bounce back to the upside. The broke support near 1.0060 could be an ideal price level for a retest as resistance allowing for further declines to come.
Fundamental Outlook: Switzerland’s unemployment figures will be released on Thursday and economists are not expecting to see any major changes with the unemployment rate expected to remain steady at 3.3%. Data from the U.S. will be one of the drivers in USDCHF. It is also a quiet week from the U.S. which will see only import prices and the weekly unemployment claims data stand out next week.
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USDCHF Weekly Forex Forecast – 6th to 10th Feb 2017 – Bullish
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