Source: PaxForex Premium Analytics Portal, Fundamental Insight
Swiss Producer & Import Prices for May are predicted to increase by 0.5% monthly. Forex traders can compare this to Swiss Producer & Import Prices for April, which rose 0.6% monthly.
US Initial Jobless Claims for the week of June 8th are predicted at 225K, and US Continuing Claims for the week of June 1st at 1,800K. Forex traders can compare this to US Initial Jobless Claims for the week of June 1st, reported at 229K, and US Continuing Claims for the week of May 25th, reported at 1,792K.
The US PPI for May is predicted to rise by 0.1% monthly and 2.5% annualized. Forex traders can compare this to the US PPI for April, which increased by 0.5% monthly and 2.2% annualized. The US Core PPI for May is predicted to expand by 0.3% monthly and by 2.4% annualized. Forex traders can compare this to the US Core PPI for April, which accelerated by 0.5% monthly and 2.4% annualized.
US Natural Gas Inventories for the week ending June 7th are predicted at 75B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending May 31st, reported at 98B cubic feet.
The forecast for the USD/CHF remains bearish following a bearish crossover in the Ichimoku Kinko Hyo Cloud, with the Senkou Span A moving lower and the Senkou Span B moving higher. The descending Tenkan-sen adds downside pressures, while the flat Kijun-sen suggests more volatility ahead as bulls and bears wrestle for control over this currency pair. Traders should also monitor the CCI following its breakout from extreme oversold territory but with a loss of upside momentum. This technical indicator trades in negative territory and has plenty of downside potential. Can bears maintain control over 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 0.8935 to 0.8975 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8955
- Take Profit Zone: 0.8650 – 0.8730
- Stop Loss Level: 0.9015
ShoPuld price action for the USD/CHF break out above 0.8975, axForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9015
- Take Profit Zone: 0.9085 – 0.9115
- Stop Loss Level: 0.8975
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