Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss KOF Leading Indicator for November is predicted at 100.1. Forex traders can compare this to the Swiss KOF Leading Indicator for October, reported at 99.5.
The Swiss GDP for the third quarter is predicted to expand by 0.4% quarterly and 1.8% annualized. Forex traders can compare this to the Swiss GDP for the second quarter, which rose by 0.7% quarterly and 1.8% annualized.
UK Net Consumer Credit for October is predicted at £1.300B, and Net Mortgage Lending is predicted at £2.850B. Forex traders can compare this to UK Net Consumer Credit for September, reported at £1.231B, and to Net Mortgage Lending, reported at £2.540B. UK Net Lending to Individuals for October is predicted at £4.100B. Forex traders can compare this to UK Net Lending to Individuals for September, reported at £3.800B.
UK Mortgage Approvals for October are predicted at 65.00K. Forex traders can compare this to UK Mortgage Approvals for September, reported at 65.65K.
UK M4 Money Supply for October is predicted to increase by 0.4% monthly. Forex traders can compare this to the UK M4 Money Supply for September, which rose by 0.6% monthly.
The forecast for the GBP/CHF remains bullish after this currency pair broke out from its horizontal support area. Price action trades above its flat Tenkan-sen but below its flat Kijun-sen. The Senkou Span A of the Ichimoku Kinko Hyo Cloud shows a bearish bias with a flat Senkou Span B, suggesting more medium-term volatility. Traders should also monitor the CCI after recording a higher low in extreme oversold territory, followed by a double breakout. This technical indicator is now above zero and has plenty of upside potential to drive price action higher. Can bulls maintain control over the GBP/CHF and push this currency pair 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 1.1185 to 1.1220 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1205
- Take Profit Zone: 1.1300 – 1.1340
- Stop Loss Level: 1.1170
Should price action for the GBP/CHF breakdown below 1.1185, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1170
- Take Profit Zone: 1.1060 – 1.1110
- Stop Loss Level: 1.1185
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
