Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss Manufacturing PMI for February is predicted at 60.0. Forex traders can compare this to the Swiss Manufacturing PMI for January, reported at 59.4. The Spanish Markit Manufacturing PMI for February is predicted at 52.0. Forex traders can compare this to the Spanish Markit Manufacturing PMI for January, reported at 49.3. The Italian Markit/ADACI Manufacturing PMI for February is predicted at 57.0. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for January, reported at 55.1.
The Final French Markit Manufacturing PMI for February is predicted at 55.0. Forex traders can compare this to the French Markit Manufacturing PMI for January, reported at 51.6. The Final German Markit/BME Manufacturing PMI for February is predicted at 60.6. Forex traders can compare this to the German Markit/BME Manufacturing PMI for January, reported at 57.1. The Final Eurozone Markit Manufacturing PMI for February is predicted at 57.7. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for January, reported at 54.8.
The forecast for the EUR/CHF turned bearish after this currency pair retreated from a price spike amid a collapse in bullish momentum. While it stabilized just above its Tenkan-sen, a new push lower can take it below its flat Kijun-sen and into its narrow Ichimoku Kinko Hyo Cloud. The CCI retreated from its peak in overbought territory and is now on a clear path to accelerate to the downside. Will bears muster enough strength to force the EUR/CHF into its next 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 1.0955 to 1.1000 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.0975
- Take Profit Zone: 1.0815 – 1.0845
- Stop Loss Level: 1.1025
Should price action for the EUR/CHF breakout above 1.1000 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1025
- Take Profit Zone: 1.1100 – 1.1125
- Stop Loss Level: 1.1000
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