Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss GDP for the third quarter is predicted to expand by 0.1% quarterly and 0.5% annualized. Forex traders can compare this to the Swiss GDP for the second quarter, which was flat at 0.0% quarterly and rose by 0.5% annualized.
The Swiss Procure.ch Manufacturing PMI for November is predicted at 42.0. Forex traders can compare this to the Swiss Procure.ch Manufacturing PMI for October, reported at 40.6.
The Spanish HCOB Manufacturing PMI for November is predicted at 45.5. Forex traders can compare this to the Spanish HCOB Manufacturing PMI for October, reported at 45.1.
The Italian HCOB Manufacturing PMI for November is predicted at 45.3. Forex traders can compare this to the Italian Manufacturing PMI for October, reported at 44.9.
The Final French HCOB Manufacturing PMI for November is predicted at 42.6. Forex traders can compare this to the French Manufacturing PMI for October, reported at 42.8.
The Final German HCOB Manufacturing PMI for November is predicted at 42.3. Forex traders can compare this to the German Manufacturing PMI for October, reported at 40.8.
The Final Eurozone HCOB Manufacturing PMI for November is predicted at 43.8. Forex traders can compare this to the Eurozone Manufacturing PMI for October, reported at 43.1.
The Final Italian GDP for the third quarter is predicted flat at 0.0% quarterly and at 0.0% annualized. Forex traders can compare this to the Italian GDP for the second quarter, which decreased 0.4% quarterly and increased 0.3% annualized.
Euro traders will also get speeches by Frank Elderson, a member of the Executive Board and the Vice-Chair of the Supervisory Board of the European Central Bank, Christine Lagard, the European Central Bank President, and Andrea Enria, the Chair of the Supervisory Board of the European Central Bank.
Other potentially market-moving central bank speeches will come out of the US from Michael Barr, the Fed Vice Chair for Supervision of the Board of Governors, from Austan Goolsbee, the Federal Reserve Bank of Chicago President, Collin Powell, the US Fed Chief, and Lisa Cook, the Federal Reserve System Governor.
The forecast for the EUR/CHF turned bullish following a massive two-day sell-off. Volatility should remain elevated, with the descending Tenkan-sen on the verge of a bearish crossover below the flat Kijun-sen. The Ichimoku Kinko Hyo Cloud maintains a bullish bias and widens, and traders should also monitor the CCI in extreme oversold territory. A breakout could spark a reversal rally. Can bulls regain control over the EUR/CHF and drive price action into its horizontal resistance 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 breakout above the 0.9515 to 0.9545 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9535
- Take Profit Zone: 0.9655 – 0.9685
- Stop Loss Level: 0.9500
Should price action for the EUR/CHF breakdown below 0.9515, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9500
- Take Profit Zone: 0.9415 – 0.9455
- Stop Loss Level: 0.9515
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