Source: PaxForex Premium Analytics Portal, Fundamental Insight
The UK Jobless Claims Change for November was reported at -49.8K. Forex traders can compare this to the UK Jobless Claims Change for October, reported at -14.9K.
The UK Employment Change for the tri-monthly period ending in October was reported at 149K, and the ILO Unemployment Rate was reported at 4.2%. Economists predicted a reading of 228K and 4.2%. Forex traders can compare this to the UK Employment Change for September, reported at 247K, and the ILO Unemployment Rate reported at 4.3%. Average Weekly Earnings for the tri-monthly period ending in October increased 4.9% annualized, and Average Weekly Earnings Excluding Bonuses increased 4.3% annualized. Economists predicted an increase of 4.6% and 4.0%. Forex traders can compare this to Average Weekly Earnings for September, which increased 5.9%, and Average Weekly Earnings Excluding Bonuses, which increased 5.0%.
Swiss Producer & Import Prices for November increased 0.5% monthly and 5.8% annualized. Forex traders can compare this to Swiss Producer & Import Prices for October, which increased 0.6% monthly and 5.1% annualized.
The forecast for the GBP/CHF turned bullish after support prevented an extension of the correction. This currency pair stabilized, and bearish momentum is fading. The Tenkan-sen and the Kijun-sen turned flat, confirming the absence of short-term downside pressures, but the Ichimoku Kinko Hyo Cloud maintains its downtrend. Adding to a bullish outlook is the CCI, which recorded a higher low inside extreme oversold territory before completing a breakout. Traders should monitor if the CCI will bounce off the -100 level before entering their buy orders. Can bulls pressure the GBP/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 GBP/CHF remain inside the or breakout above the 1.2140 to 1.2230 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2190
- Take Profit Zone: 1.2450 – 1.2520
- Stop Loss Level: 1.2090
Should price action for the GBP/CHF breakdown below 1.2140, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2090
- Take Profit Zone: 1.1965 – 1.2000
- Stop Loss Level: 1.2140
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
