Source: PaxForex Premium Analytics Portal, Fundamental Insight
French Consumer Spending for December increased by 0.3% monthly. Economists predicted a rise of 0.3%. Forex traders can compare this to French Consumer Spending for November, which accelerated 0.6% monthly.
The Preliminary French GDP for the fourth quarter came in flat at 0.0% quarterly and expanded 0.7% annualized. Forex traders can compare this to the third quarter GDP, which was flat at 0.0% quarterly and rose 0.6% annualized.
The Preliminary Spanish CPI for January is predicted to contract by 0.2% monthly and rise by 3.1% annualized. Forex traders can compare this to the Spanish CPI for December, which was flat at 0.0% monthly and expanded by 3.1% annualized. The Spanish Harmonized CPI for January is predicted to drop 0.3% monthly and accelerate by 3.1% annualized. Forex traders can compare this to the Spanish Harmonized CPI for December, which was flat at 0.0% monthly and increased by 3.3% annualized.
The Preliminary Spanish GDP for the fourth quarter is predicted to increase 0.2% quarterly and 1.5% annualized. Forex traders can compare this to the Spanish GDP for the third quarter, which rose 0.3% quarterly and 1.8% annualized.
The Preliminary Italian GDP for the fourth quarter is predicted flat at 0.0% quarterly and increase by 0.3% annualized. Forex traders can compare this to the Italian GDP for the third quarter, which rose by 0.1% quarterly and 0.1% annualized.
The Preliminary German GDP for the fourth quarter is predicted to drop 0.3% quarterly and 0.2% annualized. Forex traders can compare this to the German GDP for the third quarter, which decreased by 0.1% quarterly and 0.4% annualized.
Eurozone Economic Sentiment for January is predicted at 96.2. Forex traders can compare this to Eurozone Economic Sentiment for December, reported at 96.4. Eurozone Industrial Sentiment for January is predicted at -9.0, and Eurozone Services Sentiment at 8.0. Forex traders can compare this to Eurozone Industrial Sentiment for December, reported at -9.2, and Eurozone Services Sentiment at 8.4. Final Eurozone Consumer Confidence for January is predicted at -16.1. Forex traders can compare this to the previous Eurozone Consumer Confidence for December, reported at -15.1.
The preliminary Eurozone GDP for the fourth quarter is predicted to decrease by 0.1% quarterly and to come in flat at 0.0% annualized. Forex traders can compare this to the Eurozone GDP for the third quarter, which contracted by 0.1% quarterly and was flat at 0.0% annualized.
The Swiss Trade Balance for December came in at CHF1.248B. Economists predicted a figure of CHF2.550B. Forex traders can compare this to the Swiss Trade Balance for January, reported at CHF3.833B.
The Swiss KOF Leading Indicator for January is predicted at 98.2. Forex traders can compare this to the Swiss KOF Leading Indicator for December, reported at 97.8.
The forecast for the EUR/CHF remains bullish after this currency pair retreated into its horizontal support area. Following a bullish crossover, the Tenkan-sen and the Kijun-sen have flatlined, but the Ichimoku Kinko Hyo Cloud shows a bullish trend, with the Senkou Span A moving higher. Traders should also monitor the CCI after reaching extreme oversold territory. A breakout could jump-start a continuation of the bullish trend. Can bulls regain control over the EUR/CHF and drive price action into its horizontal resistance area and a fresh 2024 high? 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 0.9300 to 0.9350 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9320
- Take Profit Zone: 0.9470 – 0.9530
- Stop Loss Level: 0.9250
Should price action for the EUR/CHF breakdown below 0.9300, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9250
- Take Profit Zone: 0.9155 – 0.9195
- Stop Loss Level: 0.9300
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