Source: PaxForex Premium Analytics Portal, Fundamental Insight
New Zealand Retail Card Spending for July decreased by 0.1% monthly and plunged by 4.9% annualized. Forex traders can compare this to New Zealand Retail Card Spending for June, which contracted 0.7% monthly and dropped 4.9% annualized.
New Zealand Food Prices for July rose by 0.4% monthly. Forex traders can compare this to New Zealand Food Prices for June, which increased by 1.0% monthly.
Chinese retail sales for July increased by 2.7% annualized. Economists predicted a rise of 2.6% annualized. Forex traders can compare this to Chinese retail sales for June, which expanded by 2.0% annualized.
Chinese Industrial Production for July increased by 5.1% annualized. Economists predicted an expansion of 5.2% annualized. Forex traders can compare this to Chinese Industrial Production for June, which rose 5.3% annualized.
Chinese Fixed Assets ex Rural for July expanded by 3.6% annualized. Economists predicted a rise of 3.9% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for June, which increased 3.9% annualized.
The Chinese Surveyed Jobless Rate for July came in at 5.2%. Economists predicted 5.1%. Forex traders can compare this to the Chinese Surveyed Jobless Rate for June, reported at 5.0%.
The Chinese House Price Index for July decreased by 4.9% annualized. Forex traders can compare this to the Chinese House Price Index for June, which contracted 4.5% annualized.
Swiss Producer & Import Prices for July are predicted to increase by 0.2% monthly and decrease by 1.7% annualized. Forex traders can compare this to Swiss Producer & Import Prices for June, which were flat at 0.0% monthly and dropped by 1.9% annualized.
The forecast for the NZD/CHF remains bearish with this currency pair at its horizontal resistance area and the Ichimoku Kinko Hyo descending, driven down by the contracting Senkou Span A and Senkou Span B. Price action trades above its upward drifting Tenkan-sen but below its contracting Kijun-sen. Traders should also monitor the CCI after recording a lower high below extreme overbought territory. This technical indicator has plenty of downside potential with a bearish bias, and a breakdown below zero could trigger the next leg lower. Can bears maintain control over the NZD/CHF and force price action 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 NZD/CHF remain inside the or breakdown below the 0.5175 to 0.5210 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5195
- Take Profit Zone: 0.4940 – 0.5000
- Stop Loss Level: 0.5260
Should price action for the NZD/CHF break out above 0.5210, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.5260
- Take Profit Zone: 0.5310 – 0.5360
- Stop Loss Level: 0.5210
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