Source: PaxForex Premium Analytics Portal, Fundamental Insight
Swiss Retail Sales for February rose by 0.3% annualized. Economists predicted a drop of 1.0% annualized. Forex traders can compare this to Swiss Retail Sales for May, which decreased by 1.7% annualized.
US Personal Income for February is predicted to increase by 0.2% monthly and Personal Spending by 0.3% monthly. Forex traders can compare this to Personal Income for January, which rose by 0.6% monthly, and Personal Spending, which increased by 1.8% monthly. The PCE Deflator for February is predicted to increase by 0.5% monthly and 5.1% annualized. Forex traders can compare this to the PCE Deflator for January, which increased by 0.6% monthly and 5.4% annualized. The PCE Core Deflator for February is predicted to rise by 0.4% monthly and 4.7% annualized. Forex traders can compare this to the PCE Core Deflator for January, which increased by 0.6% monthly and 4.7% annualized.
The US Chicago PMI for March is predicted at 43.4. Forex traders can compare this to the US Chicago PMI for February, reported at 43.6.
The final US Michigan Consumer Sentiment for March is predicted at 63.2. Forex traders can compare this to US Michigan Consumer Confidence for February, reported at 67.0. Final Current Conditions for March are predicted at 66.4, and Final Expectations at 61.5. Forex traders can compare this to Current Conditions for February, reported at 70.7, and Expectations, reported at 64.7.
US Quarterly Grains Stocks for the fourth quarter for wheat are predicted at 0.934B, for corn at 7.470B, and for soy at 1.742B. Forex traders can compare this to US Quarterly Grains Stocks for the third quarter for wheat, reported at 1.280B, corn at 10.809B, and soy at 3.022B.
The forecast for the USD/CHF turned cautiously bullish after this currency pair reached the upper band of its horizontal support area. Volatility could increase as bulls and bears wrestle for directional control. The flat Kijun-sen and Tenkan-sen suggest an absence of short-term bullishness, while the Ichimoku Kinko Hyo Cloud indicates a pending bearish crossover. Traders should also monitor the CCI following its breakout from extreme oversold territory. This technical indicator lost its upside momentum, but a retest followed by a bounce could give bulls the upper hand in the near term. Can bulls overpower bears and push the USD/CHF into its horizontal resistance area, which envelopes the Ichimoku Kinko Hyo Cloud? 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 the 0.9125 to 0.9175 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9145
- Take Profit Zone: 0.9250 – 0.9290
- Stop Loss Level: 0.9115
Should price action for the USD/CHF breakdown below 0.9125, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9115
- Take Profit Zone: 0.9060 – 0.9090
- Stop Loss Level: 0.9125
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