USDCHF Weekly Forex Forecast – 7th to 11th Aug 2017
Technical Outlook: USDCHF has finally managed to bounce off the lows near 0.9564. Price action hit 0.9730 on Friday before posting a modest pullback. We can expect to see a near term inverse head and shoulders pattern that could be forming. Watch for USDCHF to dip back to 0.9612 where the left shoulder was formed or back to the support at 0.9564. This inverse head and shoulders pattern could suggest a strong upside momentum in prices. Resistance is seen at 0.9861 – 0.9894 following which further upside could be seen towards 1.0000..
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Fundamental Outlook: Inflation and unemployment will be the main themes from Switzerland this week. Inflation had slipped 0.1% previously on the month and an uptick in inflation could possibly boost the prospects for the economy. The unemployment rate was seen at 3.2% and no major surprises are expected. With broadly neutral data, the Swiss franc is likely to remain trading subdued. Data from the U.S. is also limited which keeps the price action rather tamed.
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