USDCHF Weekly Forex Forecast – 9th to 13th Oct 2017
Technical Outlook: The USDCHF was seen closing with doji pattern on Friday. This potentially suggests a declinee in the near term. However, watch the support level at 0.9741 which could hold the declines in the short term. A break down below this support could however suggest USDCHF to move into a range with the lower support seen at 0.9563 and the resistance forming at 0.9741. Overall, although USDCHF appears to be ranging, we expect the eventual rally towards 0.9861 which is pending a retest of resistance level..
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Fundamental Outlook: Data from Switzerland this week is only limited to the unemployment rate the PPI data, both of which are unlikely to move the markets much. Focus will therefore turn to the economic data from the U.S. which will be the primary driver in USDCHF. The FOMC meeting minutes will be the main event to watch for this week followed by the retail sales and consumer prices data. Retail sales could slow following the natural disasters in September, however inflation could be seen rising in the short term for the same reasons.
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