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COZfx: USD/CHF weekly outlook

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COZfx: USD/CHF weekly outlook

Postby dwang » Mon Jun 16, 2014 2:11 am

COZforex: The dollar pushed higher against the Swiss franc on Friday as safe haven demand was underpinned by concerns over the escalating conflict in Iraq, supporting the greenback.

USD/CHF was up 0.17% to 0.9000 late Friday from 0.8982 on Thursday. For the week, the pair rise 0.32%. COZFX strategist Nigel Boynton said, USD/CHF is predicted to find support at 0.8964, and a drop through could take it to the next support line of 0.8945. Meanwhile, the pair is predicted to find its first resistance at 0.9007, and a rise through could take it to the next resistance line of 0.9031.

Concerns over the ongoing Sunni insurgency in Iraq hit market sentiment on Friday, amid fears over the impact of reduced oil supply on global growth. The dollar shrugged off a report showing that US consumer sentiment unexpectedly deteriorated in June.

The preliminary reading of the University of Michigan's consumer sentiment index for June came in at 81.2, down from 81.9 in May, missing expectations for an uptick to 83.0.

The report came a day after data showed that US retail sales rise less than expected in May, but the previous month was revised higher.

The Commerce Department said Thursday that US retail sales rise 0.3% in May, falling short of expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.

In the week ahead, investors will be focusing on the outcome of Wednesday’s Federal Reserve policy meeting, while Thursday’s rate statement by the Swiss National Bank will also be closely watched.

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