Here are the key factors to keep in mind today for Euro trades:
- Italian Services PMI and Composite PMI: The Italian Markit Services PMI for August was reported at 55.1. Economists predicted a figure of 55.5. Forex traders can compare this to the Italian Markit Services PMI for for July which was reported at 56.3. The Italian Markit Composite PMI for August was reported at 55.8. Economists predicted a figure of 55.8. Forex traders can compare this to the Italian Markit Composite PMI for for July which was reported at 56.2.
- French Services PMI and Composite PMI: The Final French Markit Services PMI for August was reported at 54.9. Economists predicted a figure of 55.5. Forex traders can compare this to the previous French Markit Services PMI for for August which was reported at 55.5. The Final French Markit Composite PMI for August was reported at 55.2. Economists predicted a figure of 55.6. Forex traders can compare this to the previous French Markit Composite PMI for for August which was reported at 55.6.
- German Services PMI and Composite PMI: The Final German Markit Services PMI for August was reported at 53.5. Economists predicted a figure of 53.4. Forex traders can compare this to the previous German Markit Services PMI for for August which was reported at 53.4. The Final German Markit/BME Composite PMI for August was reported at 55.8. Economists predicted a figure of 55.7. Forex traders can compare this to the previous German Markit/BME Composite PMI for for August which was reported at 55.7.
- Eurozone Services PMI and Composite PMI: The Final Eurozone Markit Services PMI for August was reported at 54.7. Economists predicted a figure of 54.9. Forex traders can compare this to the previous Eurozone Markit Services PMI for for August which was reported at 55.4. The Final Eurozone Markit Composite PMI for August was reported at 55.7. Economists predicted a figure of 55.8. Forex traders can compare this to the previous Eurozone Markit Composite PMI for for August which was reported at 55.7.
- Eurozone Retail Sales: Eurozone Retail Sales for July decreased by 0.2% monthly and increased by 2.6% annualized. Economists predicted a decrease of 0.3% monthly and an increase of 2.5% annualized. Forex traders can compare this to Eurozone Retail Sales for June which increased by 0.6% monthly and by 3.3% annualized.
Here is the key factor to keep in mind today for Swiss Franc trades:
- Swiss GDP: The Swiss GDP for the second-quarter increased by 0.3% quarterly and by 0.3% annualized. Economists predicted an increase of 0.5% quarterly and of 1.0% annualized. Forex traders can compare this to the Swiss GDP for the first-quarter which increased by 0.1% quarterly and by 0.6% annualized.
- Swiss CPI: The Swiss CPI for August was reported flat at 0.0% monthly and increased by 0.5% annualized. Economists predicted a flat reading of 0.0% monthly and an increase of 0.5% annualized. Forex traders can compare this to the Swiss CPI for July which decreased by 0.3% monthly and which increased by 0.3% annualized. The Swiss EU Harmonized CPI for August decreased by 0.1% monthly and increased by 0.5% annualized. Forex traders can compare this to the Swiss EU Harmonized CPI for July which increased by 0.1% monthly and by 0.6% annualized.
Should price action for the EURCHF remain inside the or breakdown below the 1.1390 to 1.1420 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1405
- Take Profit Zone: 1.1015 – 1.1050
- Stop Loss Level: 1.1500
Should price action for the EURCHF breakout above 1.1420 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1440
- Take Profit Zone: 1.1535 – 1.1575
- Stop Loss Level: 1.1390
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