Forex Market: USD/CHF trading forecast for Monday

Friday’s trade saw USD/CHF within the range of 0.9832-0.9885. The pair closed at 0.9878, gaining 0.35% on a daily basis and 0.43% for the whole week. On Monday (December 29th) the cross may be influenced by the fundamentals listed below.

Fundamentals

Switzerland

UBS Consumption Indicator

At 7:00 GMT the UBS is expected to release data in regard to the performance of its Consumption Indicator in November. During the preceding month the gauge was reported at a level of 1.29, while in September – at 1.39. This is a leading indicator of the private consumption trend, while, on the other hand, consumer spending is a key component of the nations Gross Domestic Product. The gauge is based on five key elements: new car sales, business activity in the retail sector, the number of domestic hotel overnights by Swiss nationals, the consumer sentiment index and credit card transactions via UBS points of sale located in the country. Higher readings of the indicator usually provide support to the Swiss franc.

Pivot Points

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 0.9865. In case USD/CHF manages to breach the first resistance level at 0.9898, it will probably continue up to test 0.9918. In case the second key resistance is broken, the pair will probably attempt to advance to 0.9951.

If USD/CHF manages to breach the first key support at 0.9845, it will probably continue to slide and test 0.9812. With this second key support broken, the movement to the downside will probably continue to 0.9792.

The mid-Pivot levels for today are as follows: M1 – 0.9802, M2 – 0.9829, M3 – 0.9855, M4 – 0.9882, M5 – 0.9908, M6 – 0.9935.

In weekly terms, the central pivot point is at 0.9853. The three key resistance levels are as follows: R1 – 0.9913, R2 – 0.9948, R3 – 1.0008. The three key support levels are: S1 – 0.9818, S2 – 0.9758, S3 – 0.9723.