Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Spanish HCOB Services PMI for June is predicted at 56.5. Forex traders can compare this to the Spanish HCOB Services PMI for May, reported at 56.9.
The Italian HCOB Services PMI for June is predicted at 53.9. Forex traders can compare this to the Italian HCOB Services PMI for February, reported at 54.2.
The Final French HCOB Services PMI for June is predicted at 48.8, and the Final French HCOB Composite PMI at 48.2. Forex traders can compare this to the French HCOB Services PMI for May, reported at 49.3, and the French HCOB Composite PMI, reported at 48.9.
The Final German HCOB Services PMI for June is predicted at 53.5, and the Final German HCOB/BME Composite PMI at 50.6. Forex traders can compare this to the German HCOB Services PMI for May, reported at 54.2, and the German HCOB/BME Composite PMI, reported at 52.4.
The Final Eurozone HCOB Services PMI for June is predicted at 52.6, and the Final Eurozone HCOB Composite PMI at 50.8. Forex traders can compare this to the Eurozone HCOB Services PMI for May, reported at 53.2, and the Eurozone HCOB Composite PMI, reported at 52.2.
The Eurozone PPI for May is predicted to decrease by 0.1% monthly and plunge by 4.1% annualized. Forex traders can compare this to the Eurozone PPI for April, which contracted by 1.0% monthly and dropped by 5.7% annualized.
The Swiss Procure.ch Manufacturing PMI for June is predicted at 44.9. Forex traders can compare this to the Swiss Procure.ch Manufacturing PMI for May, reported at 46.4.
The forecast for the EUR/CHF turned cautiously bearish after this currency pair advanced into its horizontal resistance area. Short-term volatility could increase with the Tenkan-sen advancing following a bearish crossover and the Kijun-sen descending. The Senkou Span A of the Ichimoku Kinko Hyo Cloud completed a bearish crossover below the Senkou Span B, but both have flatlined. Traders should also monitor the CCI in extreme overbought territory after forming a lower high. A breakdown below 100 could trigger the expected sell-off, and this technical indicator has plenty of downside potential. Can bears regain control over the EUR/CHF and force price action into its 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 0.9680 to 0.9745 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9710
- Take Profit Zone: 0.9475 – 0.9520
- Stop Loss Level: 0.9780
Should price action for the EUR/CHF breakdown below 0.9765, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9740
- Take Profit Zone: 0.9670 – 0.9700
- Stop Loss Level: 0.9765
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