Source: PaxForex Premium Analytics Portal, Fundamental Insight
Swiss SECO Consumer Confidence for October came in at -34. Economists predicted a figure of -33. Forex traders can compare this to Swiss SECO Consumer Confidence for September, reported at -34.
The US PPI for September is predicted to rise by 0.1% monthly and by 1.6% annualized. Forex traders can compare this to the US PPI for August, which accelerated by 0.2% monthly and 1.7% annualized. The US Core PPI for September is predicted to expand by 0.2% monthly and by 2.7% annualized. Forex traders can compare this to the US Core PPI for August, which rose 0.3% monthly and 2.4% annualized.
Preliminary US Michigan Consumer Sentiment for October is predicted at 70.9. Forex traders can compare this to US Michigan Consumer Confidence for September, reported at 70.1. Preliminary Current Conditions for October are expected at 64.3, and Preliminary Expectations are predicted at 75.0. Forex traders can compare this to Current Conditions for September, reported at 63.3, and Expectations, reported at 74.4.
The US Monthly Budget Statement for September is predicted at $61.0B. Forex traders can compare this to the US Monthly Budget Statement for August, reported at -$380.0B.
The forecast for the USD/CHF has turned bearish after this currency pair advanced into its horizontal resistance area with fading upside momentum. The Tenkan-sen move higher with the Kijun-sen flat, suggesting more short-term volatility ahead. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud are flat, but the Ichimoku Kinko Hyo Cloud continues to shift lower. Traders should also monitor the CCI following its breakdown from extreme overbought territory. This technical indicator has plenty of downside potential, and a breakdown below zero could trigger the next leg lower. Can bears maintain control over the USD/CHF and push price action into its horizontal support area and fresh 2024 lows? 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 0.8555 to 0.8595 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8575
- Take Profit Zone: 0.8375 – 0.8415
- Stop Loss Level: 0.8615
Should price action for the USD/CHF break out above 0.8595, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8615
- Take Profit Zone: 0.8650 – 0.8675
- Stop Loss Level: 0.8595
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