USDCHF Weekly Forecast Nov 10 2014

Despite the first assumed target around 0.9750 levels has been reached , outlook in USDCHF remains on the upside as long as support 0.9441 holds on a weekly closing basis , stability above the 0.9661 levels will build strong pressure on the 0.9744 levels , a break 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.

Let’s take a quick look at key events which may influence USDCHF pair next week :

  • US Initial Jobless Claims , Thursday at 13:30 .Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. Last read was 278K , Forecast is 280K . Market Impact: A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.
  • US Retail Sales (MoM) (Oct) , Friday at 13:30 .Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity. Last read was -0.3% , Forecast is 0.2% . Market Impact :A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
  • US Michigan Consumer Sentiment (Nov) , Friday at 14:55 .The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers.Last read was 86.9 , Forecast is 87.5 . Market Impact:A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

*All times are GMT

Conclusion : Watch out for news near support and resistance levels , positive data should advance the pair further high , while negative  data could bring a pullback , news in middle of range (between support and resistance ) could bring sideways move !

USDCHF Weekly Forecast Nov 10 2014

MARKET DATA

UPCOMING ECONOMIC EVENTS