USDCHF Weekly Forecast Nov 03 2014

The USDCHF continued its bullish momentum last week , bottomed at the 0.9441 levels , topped at the 0.9661 levels and closed at the 0.9619 levels . It opens with a small gap this early morning . Anyway , this week focus will be on US data , let’s highlight the most critical data which may influence USDCHF pair this week :

Monday Nov 03 2014

  • United States will release data on ISM Manufacturing PMI (Oct).

Tuesday Nov 04 2014

  • United State will release data on Trade Balance (Sep).

Wednesday Nov 05 2014

  • USA will end the day with its report on ADP Nonfarm Employment Change (Oct) , later on the day another data will be released on ISM Non-Manufacturing PMI (Oct).

Thursday Nov 06 2014

  • US will release its weekly report on Initial Jobless Claims.

Friday Nov 07 2014

  • United States will release report on Nonfarm Payrolls (Oct) and Unemployment Rate (Oct).

Events will be discussed during the week …..

Technical Outlook :

  • Weekly Chart

The USDCHF continued its bullish momentum last week, printed support  at the 0.9441  levels .This development leaves the pair targeting the 0.9686 levels , where a breach will open  the 0.9750 levels , a halt is likely  , but breaking the 0.9750 levels will turn focus on the 0.9840 levels, further upside will call for for a run towards the 0.9971 levels.

On the downside , support comes at the 0.9558 levels ahead of the 0.9441 levels (main) , losing the 0.9441 levels on a weekly basis will turn outlook neutral towards the 0.9360 levels and bring consolidation before the next rise .

In all , as long as support 0.9441 holds on a weekly closing basis , , outlook in USDCHF  remains on the upside  towards the 0.9750 levels ahead of the 0.9838 levels ,sustained trading below the 0.9441 levels will bring pullback towards the 0.9360 levels before the next rise.

Note that stability above  0.9661  levels on a weekly basis , will turn 0.9661  to a strong support level , If seen , focus will be on the 0.9971 levels the upcoming weeks.

  •  Daily Chart 

The USDCHF continued its bullish momentum last Friday  , printed support at the 0.9555 levels .This development leaves the pair targeting the 0.9750 levels , a halt is likely , but a break would open 0.9840 next , further upside will aim the 0.9970 levels..

On the downside , support comes at the 0.9548 levels , below this level will bring a corrective pullback towards the 0.9441/0.9360 levels before the next rise.

In all , as long as support 0.9548  holds on a daily closing basis , outlook in USDCHF remains on the upside towards the 0.9750 levels ahead of the 0.9840 levels , below the 0.9548 will turn outlook neutral towards the 0.9441/0.9360  levels before the next rise…

  • Conclusion 

Weekly support  comes at the 0.9558 levels , daily chart support comes at the 0.9548  levels , as a result we have strong demand  zone at the 0.9548/0.9558  levels , so any decline should be limited by this level  , watch out for news near support  levels , positive data should advance the pair in our favor , negative data should be taken as an opportunity to buy on dips !!!

 

USDCHF Weekly Forecast Nov 03 2014

USDCHF Weekly Forecast Nov 03 _2014_daily

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