USD/CHF Weekly Forex Forecast – 26th Feb to 2nd Mar 2018
Technical Outlook: The USD/CHF currency pair has been trading inside the range established from the past few weeks. The modest rebound to the downside saw Friday’s price action pushing back higher. We expect that in the near term, USD/CHF could be seen rising back to test the 0.9455 level where resistance has already been established. Watch for a potential inverse head and shoulders pattern that could emerge if USD/CHF reverses off the 0.9455 level. This could potentially set the stage for further bullish gains targeting 0.9741 on a successful breakout above 0.9455.
Fundamental Outlook: Data from Switzerland is limited over the week but the quarterly GDP data will of course stand out. Although it is unlikely to make much of an influence in the markets, investors will also be looking at the retail sales report. Data from the U.S. on the other hand is expected to dominate the week. The second revised GDP estimates for the fourth quarter of 2017 is due on Wednesday which will be the key event risk. On Thursday, the manufacturing PMI from the Institute of Supply Management will be coming out as the markets progress into a new trading week.