Here is the key factor to keep in mind today for Euro trades:
- German IFO: The German IFO Business Climate Index for August was reported at 103.8. Economists predicted a figure of 101.8. Forex traders can compare this to the German IFO Business Climate Index for July which was reported at 101.7. The German IFO Current Assessment Index for August was reported at 106.4. Economists predicted a figure of 105.3. Forex traders can compare this to the German IFO Current Assessment Index for July which was reported at 105.3. The German IFO Expectations Index for August was reported at 98.4. Economists predicted a figure of 98.4. Forex traders can compare this to the German IFO Expectations Index for July which was reported at 98.2.
Here is the key factor to keep in mind today for Swiss Franc trades:
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of August 24th were reported at CHF566.8B and Swiss Domestic Sight Deposits were reported at CHF477.0B. Forex traders can compare this to Swiss Total Sight Deposits for the week of August 17th which were reported at CHF576.6B and to Swiss Domestic Sight Deposits which were reported at CHF472.6B.
Should price action for the EURCHF remain inside the or breakout above the 1.1400 to 1.1440 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1420
- Take Profit Zone: 1.1670 – 1.1710
- Stop Loss Level: 1.1270
Should price action for the EURCHF breakdown below 1.1400 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1370
- Take Profit Zone: 1.1240 – 1.1270
- Stop Loss Level: 1.1440
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