Source: PaxForex Premium Analytics Portal, Fundamental Insight
Swiss Producer & Import Prices for February are predicted to increase by 0.2% monthly. Forex traders can compare this to Swiss Producer & Import Prices for January, which decreased 0.5% monthly.
US Initial Jobless Claims for the week of March 9th are predicted at 218K, and US Continuing Claims for the week of March 2nd at 1,900K. Forex traders can compare this to US Initial Jobless Claims for the week of March 2nd, reported at 217K, and US Continuing Claims for the week of February 24th, reported at 1,906K.
US Retail Sales for February are predicted to increase by 0.8% monthly and Core Retail Sales by 0.5% monthly. Forex traders can compare this to US Retail Sales for January, which dropped by 0.8% monthly, and Core Retail Sales, which contracted by 0.6% monthly.
The US PPI for February is predicted to rise by 0.3% monthly and by 1.1% annualized. Forex traders can compare this to the US PPI for January, which increased by 0.3% monthly and 0.9% annualized. The US Core PPI for February is predicted to expand by 0.2% monthly and by 1.9% annualized. Forex traders can compare this to the US Core PPI for January, which accelerated by 0.5% monthly and 2.0% annualized.
US Business Inventories for January are predicted to increase by 0.2% monthly, and Retail Inventories, excluding Autos, by 0.3%. Forex traders can compare this to US Business Inventories for December, which rose by 0.4% monthly, and Retail Inventories excluding Autos, which increased by 0.4%.
US Natural Gas Inventories for the week ending March 8th are predicted at -3B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending March 1st, reported at -40B cubic feet.
The forecast for the USD/CHF has turned cautiously bearish after this currency pair has lost upside momentum. Adding to downside pressures is the bearish crossover between the descending Tenkan-sen and the ascending Kijun-sen, which could drive price action lower. The Ichimoku Kinko Hyo Cloud has flatlined with the Senkou Span A and the Senkou Span B drifting sideways. A narrowing of the Ichimoku Kinko Hyo Cloud may accelerate selling pressure. Traders should also monitor the CCI after its breakout from extreme oversold territory. A reversal after challenging the zero level could spark another wave of selling pressure. Can bears regain 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 0.8775 to 0.8820 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8800
- Take Profit Zone: 0.8565 – 0.8610
- Stop Loss Level: 0.8855
Should price action for the USD/CHF breakout above 0.8820, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8855
- Take Profit Zone: 0.8890 – 0.9050
- Stop Loss Level: 0.8820
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