Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for January is predicted to show 165K job additions and an unemployment rate of 3.9%. Forex traders can compare this to the US NFP Report for December which showed 312K job additions and an unemployment rate of 3.9%. Private Payrolls for January are predicted to show 175K job additions and Manufacturing Payrolls 19K job additions. Forex traders can compare this to Private Payrolls for December which showed 301K job additions and Manufacturing Payrolls which showed 32K job additions. The Average Work Week for January is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for December which was reported at 34.5 hours. Average Hourly Earnings for January are predicted to increase by 0.3% monthly and by 3.2% annualized. Forex traders can compare this to Average Hourly Earnings for December which increased by 0.4% monthly and by 3.2% annualized. The Labor Force Participation Rate for January is predicted at 63.1%. Forex traders can compare this to the Labor Force Participation Rate for December which was reported at 63.1%.
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for January is predicted at 54.9. Forex traders can compare this to the previous US Markit Manufacturing PMI for January which was reported at 54.9.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for January is predicted at 54.2. Forex traders can compare this to the US ISM Manufacturing Index for December which was reported at 54.1. ISM Prices Paid for January are predicted at 54.5. Forex traders can compare this to ISM Prices Paid for December which were reported at 54.9. ISM Employment for January is predicted at 56.0. Forex traders can compare this to ISM Employment for December which were reported at 56.2.
- US Construction Spending: US Construction Spending for December is predicted to increase by 0.2% monthly. Forex traders can compare this to US Construction Spending for November which decreased by 0.1% monthly.
- US Michigan Consumer Sentiment: Final US Michigan Consumer Sentiment for December is predicted at 90.7. Forex traders can compare this to previous US Michigan Consumer Confidence for December which was reported at 90.7.
Here are the key factors to keep in mind today for Swiss Franc trades:
- Swiss SECO Consumer Confidence: Swiss SECO Consumer Confidence for January was reported at -4. Economists predicted a figure of -5. Forex traders can compare this to Swiss SECO Consumer Confidence for December which was reported at -6.
- Swiss Retail Sales: Swiss Retail Sales for December decreased by 0.3% annualized. Economists predicted an increase of 0.1% annualized. Forex traders can compare this to Swiss Retail Sales for November which decreased by 0.5% annualized.
- Swiss Manufacturing PMI: The Swiss Manufacturing PMI for January was reported at 54.3. Economists predicted a figure of 56.4. Forex traders can compare this to the Swiss Manufacturing PMI for December which was reported at 57.5.
Should price action for the USDCHF remain inside the or breakdown below the 0.9910 to 0.9955 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9925
- Take Profit Zone: 0.9715 – 0.9790
- Stop Loss Level: 1.0000
Should price action for the USDCHF breakout above 0.9955 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9985
- Take Profit Zone: 1.0095 – 1.0125
- Stop Loss Level: 0.9925
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
