Source: PaxForex Premium Analytics Portal, Fundamental Insight
Economists predict the Swiss CPI for March to increase 0.5% monthly and 2.4% annualized. Forex traders can compare this to the Swiss CPI for February, which rose 0.7% monthly and 2.2% annualized. The Swiss Manufacturing PMI for March is predicted at 60.5. Forex traders can compare this to the Swiss Manufacturing PMI for February, reported at 62.6.
The US NFP Report for March is predicted to show 490K job additions and an unemployment rate of 3.7%. Forex traders can compare this to the US NFP Report for February, which showed 678K job additions and an unemployment rate of 3.8%. Private Payrolls for March are predicted to show 480K job additions and Manufacturing Payrolls 30K job additions. Forex traders can compare this to Private Payrolls for February, which showed 654K job additions, and Manufacturing Payrolls, which showed 36K job additions. The Average Work Week for March is predicted at 34.7 hours. Forex traders can compare this to the Average Work Week for February, reported at 34.7 hours. Average Hourly Earnings for March are predicted to increase 0.4% monthly and 5.5% annualized. Forex traders can compare this to Average Hourly Earnings for February, which rose 0.6% monthly and 5.1% annualized.
The Preliminary US Manufacturing PMI for March is predicted at 58.5. Forex traders can compare this to the US Manufacturing PMI for February, reported at 57.3. US Construction Spending for February is predicted to increase 1.0% monthly. Forex traders can compare this to US Construction Spending for January, which rose 1.3% monthly.
Economists predict the US ISM Manufacturing Index for March at 59.0 and ISM Prices Paid at 80.0. Forex traders can compare this to the US ISM Manufacturing Index for February, reported at 58.6, and ISM Prices Paid at 75.6.
The forecast for the USD/CHF remains bearish after this currency pair paused its sell-off following a test of its flat Ichimoku Kinko Hyo Cloud. Traders should wait for the release of today’s NFP data before adding to their positions, as price action may experience increased volatility. The Tenkan-sen crossed below the Kijun-sen, but both flatlined. After the CCI plunged into extreme oversold territory, traders should monitor this technical indicator for a false breakout above -100 from where more downside is likely unless the NFP report shows a significant upside surprise. Can bears maintain downside pressure on the USD/CHF and force price action into its 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 0.9195 to 0.9260 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9245
- Take Profit Zone: 0.9090 – 0.9120
- Stop Loss Level: 0.9290
Should price action for the USD/CHF breakout above 0.9260, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9290
- Take Profit Zone: 0.9330 – 0.9375
- Stop Loss Level: 0.9260
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
