USD/CHF continued to move upwards this week, gaining about one cent. The pair closed at 0.9657. The upcoming week has only three releases, including CPI. Here is an outlook for the Swiss events, and an updated technical analysis for USD/CHF. The Swiss franc lost further ground to the dollar this week, as fears of Greece exiting the Euro-zone and the recession in much of the Euro-zone continues to weigh on the currency. The Swiss Economic Barometer and Consumption Indicator were positive, but this was not enough to stop the downward spiral of the swissie. Updates: All three Swiss indicators will be released early on Thursday. USD/CHF is calm, and was trading at 0.9652. We could see some movement by the pair if the ECB surprises the markets and lowers interest rates on Wednesday. USD/CHF is unchanged, as the pair was trading at 0.9655. The swissie weakened, as the pair was trading just above the 0.96 line, at 0.9608. We can expect some movemment from the pair following the release of three indicators on Thursday, including CPI. As expected. the Unemployment Rate remained the same, at 3.2%. Foreign Currency Reserves were outstanding, jumping to 303.8 billion. CPI posted a flat 0.0% figure, just under the market forecast of 0.1%. The Swiss franc was down, as the USD/CHF was trading at 0.9558. USD/CHF daily graph with support and resistance lines on it. Click to enlarge: Unemployment Rate: Thursday, 5:45. This indicator shows very little movement, and has been at 3.1% throughout 2012. The market forecast calls for a slight increase to 3.2% for the June reading. Foreign Currency Reserves: Thursday, 7:00. The indicator provides data on how aggressively the central bank is defending the value of the Swiss franc. Foreign Currency Reserves dropped slightly in May, posting a reading of 235.6 billion. CPI: Thursday, 7:15. CPI dropped sharply in May, posting a reading of 0.1%. The markets are expecting no change in the CPI reading. *All times are GMT USD/CHF Technical Analysis USD/CHF opened the week at 0.9563, and then dropped to a low of 0.9529. The pair then climbed to a high of 0.9770, close to the resistance line of 0.9783 (discussed last week). The pair closed the week at 0.9657. Technical lines from top to bottom: We start with resistance above parity, at 1.0066. This line has not been tested since November 2010. This is followed by parity, which has now become a strong line of resistance. Next, there is resistance at 0.9915, which has held firm since December 2011. Below, there is resistance at 0.9783. This line held firm this week, as the pair moved as high as 0.9770 before retracing. This is followed by resistance at 0.9719, which was tested in February, prior to the steady slide by USD/CHF. There is weak support for the pair at 0.9584. This line was providing resistance just last week, but was easily breached as the Swiss franc continues to weaken. This is followed by 0.9510, which has strengthened in support as the pair trades at higher levels. Next, there is support at 0.9412, which had provided resistance throughout 2012, until it was breached in May. This is followed by support at 0.9317. Below, there is support at 0.9250, which had been a strong resistance line for several months prior to May. Close by, there is resistance at 0.9204, protecting the 0.92 line. The final line for now is the round figure of 0.91, a line which the pair repeatedly tested in April. I remain bullish on USD/CHF. USD/CHF jumped approximately six cents in May, and the swissie will likely continue to have trouble holding its own against the surging greenback. With the turmoil engulfing the Euro-zone, and the global slowdown showing no sign of improving anytime soon, nervous investors are likely to avoid risk and stick to safe haven currencies, such as the US dollar. Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. For the New Zealand dollar (kiwi), read the NZD forecast. For the Swiss Franc, see the USD/CHF forecast. USD/CAD (loonie), check out the Canadian dollar forecast. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher MinorsUSD/CHF ForecastWeekly Forex Forecasts share Read Next EUR/USD Outlook June 4-8 Yohay Elam 9 years USD/CHF continued to move upwards this week, gaining about one cent. The pair closed at 0.9657. The upcoming week has only three releases, including CPI. Here is an outlook for the Swiss events, and an updated technical analysis for USD/CHF. The Swiss franc lost further ground to the dollar this week, as fears of Greece exiting the Euro-zone and the recession in much of the Euro-zone continues to weigh on the currency. The Swiss Economic Barometer and Consumption Indicator were positive, but this was not enough to stop the downward spiral of the swissie. 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