Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss National Bank Sight Deposit Interest Rate is predicted at -0.75%. Forex traders can compare this to the previous Swiss National Bank Sight Deposit Interest Rate, reported at -0.75%.
US Housing Starts for November are predicted at 1,530K starts, and Building Permits at 1,550K permits. Forex traders can compare this to US Housing Starts for October, reported at 1,530K starts, and to Building Permits, reported at 1,544K permits. The Philadelphia Fed Manufacturing Index for December is predicted at 20.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for November, reported at 26.3.
US Initial Jobless Claims for the week of December 12th are predicted at 800K, and US Continuing Claims for the week of December 5th are predicted at 5,598K. Forex traders can compare this to US Initial Jobless Claims for the week of December 5th, which were reported at 853K, and to US Continuing Claims for the week of November 28th, which were reported at 5,757K.
The forecast for the USD/CHF remains bearish with more downside potential. Global economic data indicates weakness, and governments continue to boost debt, which will subtract from future growth potential. The Covid-19 virus mutated, rendering the hailed vaccine useless. The Kijun-sen is descending together with the Ichimoku Kinko Hyo Cloud. The CCI moved out of extreme oversold conditions but has more room to correct. Can bears force the USD/CHF 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 0.8800 to 0.8860 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8830
- Take Profit Zone: 0.8670 – 0.8730
- Stop Loss Level: 0.8875
Should price action for the USD/CHF breakout above 0.8860 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8875
- Take Profit Zone: 0.8930 – 0.8960
- Stop Loss Level: 0.8860
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