19.10.201810:37 Forex Analysis & Reviews: Fundamental Analysis of USD/CHF for October 19, 2018

Dlouhodobá prognóza

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USD/CHF has been quite impulsive with the bullish momentum recently which lead the price to reside at the edge of the 0.9980 area currently. Despite the recent struggles faced by USD due to worse economic results, CHF has been dominated quite well along the way.

USD has been struggling with the economic results this week as well with reports like Retail Sales and Building Permits. Today US Existing Home Sales report is going to be published which is expected to decrease to 5.29M from the previous figure of 5.34M, and FOMC Member Bostic is going to speak about the upcoming interest rates decisions and future monetary policies which are expected to be hawkish in nature as of recent FOMC Meeting there are possibilities of another rate hike before the year ends.

On the CHF side, this week PPI report was published with a decrease to -0.2% from the previous value of 0.0% which was expected to increase to 0.1%, and Trade Balance report showed an increase to 2.43B from the previous figure of 2.08B which failed to meet the expected figure of 2.45B. The dovish outcome of the report did weaken the CHF further in the process leading to more USD gains in the process.

As of the current scenario, ahead of the high impact economic event of FOMC Member's speech on the interest rate decision, if the outcome remains hawkish and positive then further bullish pressure against CHF could be observed in the coming days or else, any negative comment from the speech may lead to correction and perhaps counter as well.

Now let us look at the technical view. The price is currently quite bullish after bouncing off the 0.9850 support area with a retrace. The price is heading towards the resistance area of 0.9980-1.0050 from where previously impulsive bearish momentum was observed. Moreover, forming Bearish Divergence along the way also suggests the price has a greater probability to reject the bulls of the resistance area with a target to move lower in the coming days. As the price remains below the 1.0050 area, the bearish bias is expected to continue.

SUPPORT: 0.9700, 0.9850

RESISTANCE: 0.9980, 1.0050

BIAS: BULLISH

MOMENTUM: VOLATILE

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