Here are the key factors to keep in mind today for US Dollar trades:
- US Chicago Fed National Activity Index: The US Chicago Fed National Activity Index for January is predicted at 0.20. Forex traders can compare this to the US Chicago Fed National Activity Index for December which was reported at 0.27.
- US New Home Sales: US New Home Sales for January are predicted to increase by 3.4% monthly to 646K new homes. Forex traders can compare this to US New Home Sales for December which decreased by 9.3% monthly to 625K new homes.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for January is predicted at 30.0. Forex traders can compare this to the US Dallas Fed Manufacturing Index for December which was reported at 33.4.
Here is the key factor to keep in mind today for Swiss Franc trades:
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of February 23rd were reported at CHF576.0B and Swiss Domestic Sight Deposits were reported at CHF460.2B. Forex traders can compare this to Swiss Total Sight Deposits for the week of February 16th which were reported at CHF575.1B and to Swiss Domestic Sight Deposits which were reported at CHF462.0B.
Should price action for the USDCHF remain inside the or breakout above the 0.9320 to 0.9360 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9340
- Take Profit Zone: 1.0000 – 1.0030
- Stop Loss Level: 0.9190
Should price action for the USDCHF breakdown below 0.9320 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9290
- Take Profit Zone: 0.9150 – 0.9190
- Stop Loss Level: 0.9340
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
