Source: PaxForex Premium Analytics Portal, Fundamental Insight
The French Business Survey for March is predicted at 100. Forex traders can compare this to the French Business Survey for February, reported at 100.
The Preliminary French HCOB Manufacturing PMI for March is predicted at 47.5, the Preliminary French HCOB Services PMI at 48.8, and the Preliminary French HCOB Composite PMI at 48.6. Forex traders can compare this to the French HCOB Manufacturing PMI for February, reported at 47.1, the French HCOB Services PMI at 48.4, and the French HCOB Composite PMI at 48.1.
The Preliminary German HCOB Manufacturing PMI for March is predicted at 43.1, the Preliminary German HCOB Services PMI at 48.8, and the Preliminary German HCOB Composite PMI at 47.0. Forex traders can compare this to the German HCOB Manufacturing PMI for February, reported at 42.5, the German HCOB Services PMI at 48.3, and the German HCOB Composite PMI at 46.3.
The Preliminary Eurozone HCOB Manufacturing PMI for March is predicted at 47.0, the Preliminary Eurozone HCOB Services PMI at 50.5, and the Preliminary Eurozone HCOB Composite PMI at 49.7. Forex traders can compare this to the Eurozone HCOB Manufacturing PMI for February, reported at 46.5, the Eurozone HCOB Services PMI at 50.2, and the Eurozone HCOB Composite PMI at 49.2.
The Eurozone Current Account (s.a) for January is predicted at €32.3B. Forex traders can compare this to the Eurozone Current Account (s.a.) for December, reported at €32.0B.
The Swiss National Bank Sight Deposit Interest Rate for the first quarter is predicted at 1.75%. Forex traders can compare this to the previous Swiss National Bank Sight Deposit Interest Rate for the fourth quarter, reported at 1.75%. Traders should also carefully read the SNB Monetary Policy Assessment and pay attention to the SNB press conference for clues on future monetary policy.
The forecast for the EUR/CHF turned cautiously bearish in the short term after this currency pair advanced into its horizontal resistance area. Bullish momentum faded after the Tenkan-sen and the Kijun-sen have flatlined. Adding to volatility is the Ichimoku Kinko Hyo Cloud, with the Senkou Span A drifting higher and the Senkous Span B flat. Traders should also monitor the CCI in extreme overbought territory at unsustainable levels. A breakdown below 100 could trigger a short-term sell-off. Can bears overpower bulls and regain control over the EUR/CHF to pressure this currency pair 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 0.9665 to 0.9710 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9685
- Take Profit Zone: 0.9470 – 0.9520
- Stop Loss Level: 0.9750
Should price action for the EUR/CHF breakout above 0.9710, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9750
- Take Profit Zone: 0.9800 – 0.9835
- Stop Loss Level: 0.9710
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