The forecast for USD/CHF turned out to be correct essentially – a small pullback down to support at 1.0135 initially (the pair made it 1.0144) and then a surge to the new target of 1.0250. All that happened as the pair reached 1.0250 on Wednesday and stayed there till mid-Friday when it shot up by another 100 points.
Forecast for the upcoming week.
Summing up the opinions of several dozen analysts from world leading banks and broker companies as well as forecasts based on various methods of technical and graphical analysis, the following can be put forward:
The USD/CHF pair is rapidly approaching its values of 2007-2009, and now a fuller picture can be seen only on W1 or larger timeframes. As for the weekly forecast, all experts, all indicators along with graphical analysis on H4 speak about the pair’s aspiration to reach 1.0400 first and then 1.0500. Such unanimity may seem a bit fishy, and a look at the one-year-old chart would only cause more concern. Throughout last autumn, USD/CHF was also rising actively but then Black Thursday occurred 15 January. It’s unlikely to happen again in the coming days, nevertheless graphical analysis on D1 reminds that during the week the pair may well fall to 0.9850 and only then return to around 1.0300.
Roman Butko, NordFX