Source: PaxForex Premium Analytics Portal, Fundamental Insight
The German GfK Consumer Confidence Survey for July came in at -25.4. Economists predicted a figure of -23.0. Forex traders can compare this to the German GfK Consumer Confidence Survey for June, reported at -24.4.
French Consumer Confidence for June is predicted at 84. Forex traders can compare this to French Consumer Confidence for May, reported at 83.
Spanish Retail Sales for May are predicted to increase by 0.6% annualized. Forex traders can compare this to Spanish Retail Sales for April, which surged by 5.5% annualized.
The Italian PPI for May is predicted to plunge by 6.2% monthly and 9.4% annualized. Forex traders can compare this to the Italian PPI for April, which dropped by 4.8% monthly and 1.5% annualized.
Eurozone M3 Money Supply for May is predicted to increase by 1.5% annualized. Forex traders can compare this to Eurozone M3 Money Supply for April, which rose 1.9% annualized. Eurozone Private Sector Loans for May are predicted to expand by 2.3% annualized and Loans to Non-Financial Corporations by 3.5%. Forex traders can compare this to Eurozone Private Sector Loans for April, which increased by 2.5% annualized, and Loans to Non-Financial Corporations, which rose by 4.6% annualized.
The Preliminary Italian CPI for June is predicted to expand 0.1% monthly and 6.8% annualized. Forex traders can compare this to the Italian CPI for May, which rose by 0.3% monthly and surged 7.6% annualized. The Preliminary Italian Harmonized CPI for June is predicted to increase by 0.1% monthly and surge by 6.7% annualized. Forex traders can compare this to the Italian Harmonized CPI for May, which rose 0.3% monthly and accelerated by 8.0% annualized.
The Swiss ZEW Expectations Survey for June is predicted at -32.3. Forex traders can compare this to the Swiss ZEW Expectations Survey for May, reported at -32.2.
The forecast for the EUR/CHF remains cautiously bullish after this currency pair advanced into its narrowing Ichimoku Kinko Hyo Cloud, which has a bearish bias amid a contracting Senkou Span B and a flat Senkou Span A. Volatility could rise after the Kijun-sen and the Tenkan-sen have flatlined. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator remains above zero and has plenty of upside potential, which could drive price action higher. Can bulls maintain control over the EUR/CHF and push this currency pair 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 0.9765 to 0.9810 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9790
- Take Profit Zone: 0.9880 – 0.9920
- Stop Loss Level: 0.9740
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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