Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss CPI for July is predicted to decrease by 0.2% monthly and increase by 1.3% annualized. Forex traders can compare this to the Swiss CPI for June, which came in flat at 0.0% monthly and rose by 1.3% annualized.
The Swiss Procure.ch Manufacturing PMI for July is predicted at 44.4. Forex traders can compare this to the Swiss Procure.ch Manufacturing PMI for June, reported at 43.9.
The US NFP Report for July is predicted to show 176K job additions and an unemployment rate of 4.1%. Forex traders can compare this to the US NFP Report for June, which showed 206K job additions and an unemployment rate of 4.1%. Private Payrolls for July are predicted to show 148K job additions and Manufacturing Payrolls 1K job losses. Forex traders can compare this to Private Payrolls for June, which showed 136K job additions, and Manufacturing Payrolls, which showed 8K job losses. The Average Work Week for July is predicted at 34.3 hours. Forex traders can compare this to the Average Work Week for June, reported at 34.3 hours. Average Hourly Earnings for July are forecast to increase 0.3% monthly and 3.7% annualized. Forex traders can compare this to Average Hourly Earnings for June, which rose 0.3% monthly and 3.9% annualized.
US Factory Orders for June are predicted to drop by 2.7% monthly. Forex traders can compare this to US Factory Orders for May, which contracted by 0.5% monthly.
The forecast for the USD/CHF turned bullish after this currency pair corrected into its horizontal support area. The descending Tenkan-sen and Kijun-sen add short-term selling pressure, but the Ichimoku Kinko Hyo Cloud remains flat, with the Senkou Span A and the Senkou Span B drifting sideways. It may attract price action during the next rally. Traders should also monitor the CCI in extreme oversold territory, where a positive divergence has formed. A breakout above -100 could trigger the next rally, and this technical indicator has plenty of upside momentum. Can bulls regain control over the USD/CHF and push price action 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 USD/CHF remain inside the or breakout above 0.8680 to 0.8725 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8715
- Take Profit Zone: 0.8900 – 0.8955
- Stop Loss Level: 0.8665
Should price action for the USD/CHF break down below 0.8680, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8665
- Take Profit Zone: 0.8585 – 0.8600
- Stop Loss Level: 0.8680
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