Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss Unemployment Rate for June is predicted at 2.9%, and the Seasonally Adjusted Unemployment Rate at 2.9%. Forex traders can compare this to the Swiss Unemployment Rate for May, reported at 3.1%, and the Seasonally Adjusted Unemployment Rate, reported at 3.0%.
The German Trade Balance for May is predicted at €15.4B. Forex traders can compare this to German Trade Balance for April, reported at €15.4B. Exports for May are predicted to increase 0.6% monthly and Imports 0.4% monthly. Forex traders can compare this to Exports for April, which increased 0.3% monthly, and to Imports which decreased 1.7% monthly.
The forecast for the EUR/CHF remains bearish as economic data out of the Eurozone, especially out of Germany, is not as strong as economists hoped. With the Kijun-sen flat, the Tenkan-sen continues to drift lower. The Ichimoku Kinko Hyo Cloud maintains bearish pressures with its gradual descend. While the CCI reached extreme oversold territory, plenty of downside potential remains. Can bears extend the sell-off in the EUR/CHF and force it 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 1.0900 to 1.0930 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0915
- Take Profit Zone: 1.0815 – 1.0845
- Stop Loss Level: 1.0960
Should price action for the EUR/CHF breakout above 1.0930, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0960
- Take Profit Zone: 1.1020 – 1.1045
- Stop Loss Level: 1.0930
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