Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss Trade Balance for October was reported at CHF5.651B. Forex traders can compare this to the Swiss Trade Balance for September, reported at CHF5.010B.
US Initial Jobless Claims for the week ending November 13th are predicted at 260K, and US Continuing Claims for the week ending November 6th are predicted at 2120K. Forex traders can compare this to US Initial Jobless Claims for the week ending November 6th, reported at 267K, and US Continuing Claims for the week ending October 30th, reported at 2,160K.
The Philadelphia Fed Manufacturing Index for November is predicted at 24.0. Forex traders can compare this to the Philadelphia Fed Manufacturing Index for October, reported at 23.8.
The forecast for the USD/CHF turned bearish after price action rallied into its horizontal resistance area and recorded a lower high. Confirming the lack of upside pressure are the Tenkan-sen and the Kijun-sen, as both turned sideways. The Ichimoku Kinko Hyo Cloud maintains its bearish bias, but the Senkou Span B slowed its descend, with the Senkou Span A accelerating to the downside. Adding to bearish momentum is the CCI, which started to move lower inside of extreme overbought territory. Traders should wait for a breakdown below 100 before entering their short positions.
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Should price action for the USD/CHF remain inside the or breakdown below the 0.9250 to 0.9300 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9275
- Take Profit Zone: 0.9085 – 0.9115
- Stop Loss Level: 0.9330
Should price action for the USD/CHF breakout above 0.9300, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9330
- Take Profit Zone: 0.9400– 0.9440
- Stop Loss Level: 0.9300
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