The USDCHF declined a little bit last week , but it doesn’t show any sign of weakness yet , so further upside is likely next wee k , let’s take a quick look at the most critical data which may influence the USDCHF next week ?!!
Wednesday , Oct 15 2014
- US has 3 events , It will release data related to Core Retail Sales (MoM) (Sep) , PPI (MoM) (Sep) and Retail Sales (MoM) (Sep).
Thursday , Oct 16 2014
- US will release its weekly report on initial jobless claims, later on the day , It will release data related to Philadelphia Fed Manufacturing Index (Oct).
Friday , Oct 17 2014
- US will release data on Building Permits (Sep).
Events will be discussed during the week in real time….
Technical Outlook :
Outlook in USDCHF remains on the upside as long as support 0.9520 holds on a weekly closing basis , resistance comes at the 0.9690/0.9750 levels , a halt is likely , but a break would open 0.9838/0.9900 next , further upside will aim the 0.9970 levels.
On the downside , support comes at the 0.9520 levels , losing this level will turn outlook neutral and bring consolidations , If seen , we need to evaluate pair’s activities below 0.9520 to anticipate the next move .
In all , as long as support 0.9520 holds on a weekly closing basis , outlook in USDCHF remains on the upside towards the 0.9690/0.9750 levels and possible higher towards the 0.9830/0.9900 levels , below 0.9520 will turn outlook neutral and bring consolidations before the next move.