USD/CHF had a quiet week as the pair closed at 0.9542. Highlights for this week include Retail Sales and CPI. Here is an outlook for the Swiss events, and an updated technical analysis for USD/CHF. The pair traded in a narrow range as the US economy keeps analysts and traders guessing. US Employment data was weaker than expected, but factory orders had a strong showing, as the economy continues to send out mixed signals. Updates: Swiss GDP was a major disappointment, dropping by 0.1%. Although not a steep decline, the drop was the first since Q2 of 2009. Analysts had expected a gain of 0.2%. In addition, growth in Q1 was revised downward: a 0.5% gain instead of 0.7% originally reported, making the Q2 figure even smaller. CPI, a key release, will be published on Wednesday. The swissie has edged upwards, as USD/CHF was trading at 0.9541. SNB Governing Board Vice-Chairman Jean-Pierre Danthine delivered a speech in Zurich on Wednesday. CPI was a flat 0.0%, just under the 0.1% estimate. The swissie has edged downwards, as USD/CHF was trading at 0.9577. The Unemployment Rate and Foreign Currency Reserves will be released on Friday. The market forecast calls for no change to the current level of 2.9%. Foreign Currency Reserves are expected to move up slightly for the September reading. USD/CHF is choppy, as the pair was trading at 0.9542. USD/CHF daily graph with support and resistance lines on it. Click to enlarge: Retail Sales: Monday, 7:15. This key consumer indicator was well above the market forecast in July, posting a figure of 3.7%. The markets are expecting another strong release in September, with an estimate of 4.5%. SVME PMI: Monday, 7:30. This index of purchasing managers has been under the important 50.0 line since April. The market estimate for September stands at 49. 2 points. GDP: Tuesday, 5:45. GDP climbed to 0.7% in Q1, its best showing in over a year. The market estimate for Q2 stands at a very moderate gain of 0.2%. CPI: Wednesday, 7:15. The key inflation index has posted two straight readings in negative territory. The September forecast is for a very small gain of 0.1%. Unemployment Rate: Friday, 5:45. The Unemployment Rate has been at 2.9% for the past two readings, and no change is expected in September. Foreign Currency Reserves: Friday, 7:00. Foreign Currency Reserves have been rising steadily since May, and the markets are predicting another slight increase for the September release. *All times are GMT USD/CHF Technical Analysis USD/CHF opened the week at 0.9603, and touched a high of 0.9635. The pair then dropped to a low of 0.9502, and closed the week at 0.9542, above the resistance line of 0.9510 (discussed last week). Technical lines from top to bottom: We start with resistance at 1.0136. Next is the resistance line at 1.0066, which was last tested in November 2010. This is followed by the pschycologically important parity line, which continues to provide strong resistance. Next, there is resistance at 0.9915. Below there is resistance at 0.9783. There is followed by 0.9719, which has strengthened as the pair trades slightly lower. There is weak resistance at 0.9584. This line was providing weak support just last week, and could continue to be tested. USD/CHF is receiving support is at 0.9510. Look for this line to be further tested if the swissie weakens. This is followed by support at 0.9412. Below, there is strong support at 0.9317, which has held firm since mid-May. This is followed by support at 0.9250. Further support can be found at 0.9182. Next, there is resistance at 0.9093. The final line for now is 0.9016, which has held firm since April. I am bullish on USD/CHF. Although the pair was choppy last week, the swissie has been steadily gaining ground against the dollar, as USD/CHF was trading close to the parity line just one month ago. Will this trend continue? With a weak US economy and continuing turmoil in Europe, nervous investors may seek the safe haven of the US dollar. However, QE intervention by the Fed, which remains a possibility, would hurt 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 Forecast share Read Next NZD/USD Forecast September 3-7 Yohay Elam 10 years USD/CHF had a quiet week as the pair closed at 0.9542. Highlights for this week include Retail Sales and CPI. Here is an outlook for the Swiss events, and an updated technical analysis for USD/CHF. The pair traded in a narrow range as the US economy keeps analysts and traders guessing. US Employment data was weaker than expected, but factory orders had a strong showing, as the economy continues to send out mixed signals. Updates: Swiss GDP was a major disappointment, dropping by 0.1%. Although not a steep decline, the drop was the first since Q2 of 2009. 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