Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss Unemployment Rate for July was reported at 2.8%, and the Seasonally Adjusted Unemployment Rate at 3.0%. Economists predicted a rate of 2.8% and 3.0%. Forex traders can compare this to the Swiss Unemployment Rate for June, reported at 2.8%, and the Seasonally Adjusted Unemployment Rate, reported at 3.1%.
The German Trade Balance for June was reported at €13.6B. Economists predicted a figure of €13.4B. Forex traders can compare this to German Trade Balance for May, reported at €12.8B. Exports for June increased 1.3% monthly, and Imports increased 0.6% monthly. Economists predicted an increase of 0.4% and 0.5%. Forex traders can compare this to Exports for May, which increased 0.4% monthly, and to Imports which increased 3.4% monthly. The German Current Account Balance for June was reported at €22.5B. Forex traders can compare this to the German Current Account Balance for May, reported at €13.1B.
Eurozone Sentix Investor Confidence for August is predicted at 29.0. Forex traders can compare this to Eurozone Sentix Investor Confidence for July, reported at 29.8.
The forecast for the EUR/CHF remains bullish, but traders should exercise patience as volatility is likely to increase. This currency pair may temporarily rise before restarting its contraction. With the Tenkan-sen, the Kijun-sen, and the Ichimoku Kinko Hyo Cloud descending, bears control price action. The CCI accelerated out of extreme oversold territory but favored to end its move higher and correct to a lower low. Will bears force the EUR/CHF into its next horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the EUR/CHF remain inside the or breakdown below the 1.0740 to 1.0780 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0760
- Take Profit Zone: 1.0605 – 1.0640
- Stop Loss Level: 1.0815
Should price action for the EUR/CHF breakout above 1.0780, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0815
- Take Profit Zone: 1.0860 – 1.0900
- Stop Loss Level: 1.0780
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
