Source: PaxForex Premium Analytics Portal, Fundamental Insight
German Retail Sales for March dropped 0.1% monthly and 2.7% annualized. Economists predicted a rise of 0.3% and 6.1%. Forex traders can compare this to German Retail Sales for February, which increased 2.0% monthly and 7.0% annualized.
The Spanish Markit Manufacturing PMI for April is predicted at 54.0, and the Italian Markit/ADACI Manufacturing PMI for April at 55.0. Forex traders can compare this to the Spanish Markit Manufacturing PMI for March, reported at 54.2, and the Italian Markit/ADACI Manufacturing PMI for March at 55.8.
The Final French Markit Manufacturing PMI for April is predicted at 55.4, the Final German Markit/BME Manufacturing PMI for April at 54.1, and the Final Eurozone Markit Manufacturing PMI for April at 55.3. Forex traders can compare this to the French Markit Manufacturing PMI for March, reported at 54.7, the German Markit/BME Manufacturing PMI for March at 56.9, and the Eurozone Markit Manufacturing PMI for March at 56.5.
The Swiss Manufacturing PMI for April is predicted at 61.5. Forex traders can compare this to the Swiss Manufacturing PMI for March, reported at 64.0.
Eurozone Economic Sentiment for April is predicted at 108.0. Forex traders can compare this to Eurozone Economic Sentiment for March, reported at 108.5. Eurozone Industrial Sentiment for April is predicted at 9.5, and Eurozone Services Sentiment at 14.2. Forex traders can compare this to Eurozone Industrial Sentiment for March, reported at 10.4, and the Eurozone Services Sentiment at 14.4. Final Eurozone Consumer Confidence for April is predicted at -16.9. Forex traders can compare this to the previous Eurozone Consumer Confidence for April, reported at -16.9.
The forecast for the EUR/CHF remains moderately bullish after the most recent pullback created a third higher low, creating an ascending support level. Adding to bullishness are the ascending Tenkan-sen and the Ichimoku Kinko Hyo Cloud with its upward trending Senkou Span A. The Senkou Span B and the Kijun-sen remain flat, suggesting a choppy move higher amid a volatility increase as bulls and bears wrestle for control over this currency pair. After the CCI has corrected from extreme overbought territory, traders should monitor this technical indicator and see if it can hold on to positive conditions or if it will challenge extreme oversold territory before accelerating higher. Can bulls build on recent developments and pressure the EUR/CHF 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 1.0210 to 1.0290 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.0245
- Take Profit Zone: 1.0550 – 1.0610
- Stop Loss Level: 1.0160
Should price action for the EUR/CHF breakdown below 1.0210, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Long Position @ 1.0160
- Take Profit Zone: 0.9970 – 1.0040
- Stop Loss Level: 1.0210
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
