Technical Outlook :Outlook in USDCHF has turned neutral with risk to the upside , support comes at the 0.9572 levels , a failure to hold below the 0.9572 levels on a weekly closing basis could mean a return to the 0.9661/0.9741 levels where a breach will turn focus on the 0.9790/0.9838 levels , further upside will aim the 0.9911/0.9970 levels.
On the downside , support comes at the 0.9572 levels , losing this level on a weekly closing basis will bring a corrective pullback towards the 0.9441/0.9360 levels before the next possible rise , below 0.9360 will aim the 0.9153 levels.
In all , as long as support 0.9572 holds on a weekly closing basis , outlook in USDCHF remains on the upside towards the 0.9661/0.9741 levels where a breach will turn focus on the 0.9790/0.9838 levels . Below 0.9572 will bring a corrective pullback towards the 0.9441/0.9360 levels before the next possible rise.
Support and resistance : 0.9360 , 0.9441 , 0.9572 , 0.9661 , 0.9741 , 0.9790 , 0.9838 , 0.9911 , 0.9970
Key data/events which may influence USDCHF next week :
Tuesday Nov 18 2014
- US will release its data on PPI (m.m).
Wednesday Nov 19 2014
- US will release its data on Building Permits followed by FOMC Meeting Minutes.
Thursday Nov 20 2014
- US will release its data on CPI (m/m ) and Core CPI (m/m) followed by its weekly report on Initial Jobless Claims and Philadelphia Fed Manufacturing Index.
Events will be discussed during the week.
- A weekly closing below 0.9572 levels is an early warning for large bearish implication towards the 0.9153 levels !
- A weekly closing above the 0.9661 levels is likely to bring a higher leg above the 0.9741 levels.
- A weekly closing above the 0.9741 levels will extend gains towards the 0.9911/0.9970 levels.
- Watch out for news near support and resistance levels.