USDCHF Weekly Forex Forecast – 20th to 24th Nov 2017
Technical Outlook: The USDCHF currency pair slipped back to the support level area of 0.9894 – 0.9861. The retracement back to this level indicates near term gains that could build up on a bullish momentum. Resistance at 1.0088 could be seen as the next target to the upside. However, the currency pair runs the risk of a break down near the current support level. In such a scenario, a close below the support level could see USDCHF slipping towards the next main level at 0.9741 which could be tested for support. To the upside, the gains are likely to be limited near 1.0088. However, with the Stochastics oscillator posting a bullish hidden divergence, we expect the bias to the upside.
Fundamental Outlook: Switzerland’s trade balance figures are the only economic release coming up this week. On the other hand, data from the U.S. is comparatively busier. Data includes the durable goods orders figures coming out on Wednesday. This is followed by the FOMC meeting minutes from the meeting held earlier in November. No surprises are expected as the Fed did not change rates in November while it continued with its balance sheet unwinding. Still, the release of the FOMC meeting minutes could bring some volatility to the U.S. dollar. The week concludes with Friday’s release of flash manufacturing and services PMI from Markit.
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USDCHF Weekly Forex Forecast – 20th to 24th Nov 2017
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