Source: PaxForex Premium Analytics Portal, Fundamental Insight
French Consumer Spending for June decreased by 0.5% monthly. Economists predicted a contraction of 0.2%. Forex traders can compare this to French Consumer Spending for May, which rose 0.8% monthly.
The Preliminary French GDP for the second quarter rose 0.3% quarterly and 1.1% annualized. Forex traders can compare this to the first quarter GDP, which increased 0.3% quarterly and 1.5% annualized.
The Preliminary Spanish CPI for July is predicted to increase by 3.0% annualized, and the Spanish EU Harmonized CPI to rise by 3.3% annualized. Forex traders can compare this to the Spanish CPI for June, which rose 3.4% annualized, and to the Spanish EU Harmonized CPI, which expanded 3.6% annualized.
The Preliminary Spanish GDP for the second quarter is predicted to increase 0.5% quarterly. Forex traders can compare this to the Spanish GDP for the first quarter, which rose 0.8% quarterly.
The Preliminary Italian GDP for the second quarter is predicted to increase by 0.2% quarterly and 0.8% annualized. Forex traders can compare this to the Italian GDP for the first quarter, which rose by 0.3% quarterly and 0.7% annualized.
The Preliminary German GDP for the second quarter is predicted to increase by 0.1% quarterly and was flat at 0.0% annualized. Forex traders can compare this to the German GDP for the first quarter, which rose by 0.2% quarterly and decreased by 0.2% annualized.
The Preliminary Eurozone GDP for the second quarter is predicted to increase 0.2% quarterly and 0.6% annualized. Forex traders can compare this to the Eurozone GDP for the first quarter, which rose by 0.3% quarterly and 0.4% annualized.
Eurozone Economic Sentiment for July is predicted at 95.4. Forex traders can compare this to Eurozone Economic Sentiment for June, reported at 95.9. Eurozone Industrial Sentiment for July is predicted at -10.5, and Eurozone Services Sentiment at 6.4. Forex traders can compare this to Eurozone Industrial Sentiment for June, reported at -10.1, and Eurozone Services Sentiment at 6.5. Final Eurozone Consumer Confidence for July is predicted at -13.0. Forex traders can compare this to the previous Eurozone Consumer Confidence for June, reported at -14.0.
The Preliminary German CPI for July is predicted to increase by 0.3% monthly and 2.2% annualized. Forex traders can compare this to the German CPI for June, which rose by 0.1% monthly and 2.2% annualized. The EU Harmonized German CPI for July is predicted to expand by 0.2% monthly and 2.4% annualized. Forex traders can compare this to the EU Harmonized German CPI for June, which accelerated by 0.2% monthly and 2.5% annualized.
The Swiss KOF Leading Indicator for July is predicted at 102.6. Forex traders can compare this to the Swiss KOF Leading Indicator for June, reported at 102.7.
The forecast for the EUR/CHF turned bullish after this currency pair bounced off its horizontal support area. Volatility could rise after a bearish crossover between the descending Tenkan-sen and the flat Kijun-sen. The Senkou Span B of the Ichimoku Kinko Hyo Cloud is flat, but the Senkou Span A drifts higher, adding to bullish pressures. Traders should also monitor the CCI after its breakout from extreme oversold territory. Can bulls maintain control over the EUR/CHF and push 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 0.9580 to 0.9625 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9600
- Take Profit Zone: 0.9710 – 0.9775
- Stop Loss Level: 0.9545
Should price action for the EUR/CHF break down below 0.9580, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9545
- Take Profit Zone: 0.9475 – 0.9500
- Stop Loss Level: 0.9580
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
