Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss CPI for March is predicted to increase by 0.4% monthly and to decrease by 0.3% annualized. Forex traders can compare this to the Swiss CPI for February, which increased by 0.2% monthly and decreased by 0.5% annualized. The Swiss procure.ch Manufacturing PMI for March is predicted at 64.5. Forex traders can compare this to the Swiss Manufacturing PMI for February, reported at 61.3.
US Initial Jobless Claims for the week of March 27th are predicted at 680K, and US Continuing Claims for the week of March 20th are predicted at 3,775K. Forex traders can compare this to US Initial Jobless Claims for the week of March 20th, reported at 684K, and to US Continuing Claims for the week of March 13th, reported at 3,870K. The Preliminary US Markit Manufacturing PMI for March is predicted at 59.0. Forex traders can compare this to the US Markit Manufacturing PMI for February, reported at 58.6.
US Construction Spending for February is predicted to decrease by 1.0% monthly. Forex traders can compare this to US Construction Spending for January, which increased by 1.7% monthly. The US ISM Manufacturing Index for March is predicted at 61.3. Forex traders can compare this to the US ISM Manufacturing Index for February, reported at 60.8. ISM Prices Paid for March are predicted at 85.0. Forex traders can compare this to ISM Prices Paid for February, reported at 86.0. ISM Employment for March is predicted at 53.0. Forex traders can compare this to ISM Employment for February, reported at 54.4
The forecast for the USD/CHF is turning bearish following the rally in this currency pair despite weakening fundamentals for the US Dollar. US President Biden announced $3.0 trillion more debt and tax hikes after passing $1.9 trillion debt without partisan support. The Ichimoku Kinko Hyo Cloud ended its advance, suggesting a reversal may follow. Supporting a correction are the flatlining Kijun-sen and Tenkan-sen, while the CCI formed a negative divergence in extreme overbought territory. Can bears force the USD/CHF into a sell-off until it reaches its next horizontal support area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the USD/CHF remain inside the or breakdown below the 0.9430 o 0.9500 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9455
- Take Profit Zone: 0.9045 – 0.9100
- Stop Loss Level: 0.9545
Should price action for the USD/CHF breakout above 0.8925, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9545
- Take Profit Zone: 0.9640 – 0.9695
- Stop Loss Level: 0.9500
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