Source: PaxForex Premium Analytics Portal, Fundamental Insight
Swiss retail sales for September are predicted to increase by 2.5% annualized. Forex traders can compare this to Swiss retail sales for August, which accelerated by 3.2% annualized.
US Initial Jobless Claims for the week of October 21st are predicted at 229K, and US Continuing Claims for the week of October 14th at 1,890K. Forex traders can compare this to US Initial Jobless Claims for the week of October 14th, reported at 227K, and US Continuing Claims for the week of September 30th, reported at 1,897K.
The US Employment Cost Index for the third quarter is predicted to increase 0.9% quarterly. Forex traders can compare this to the US Employment Cost Index for the second quarter, which rose 0.9% quarterly.
US Personal Income for September is predicted to increase by 0.3% monthly and Personal Spending by 0.4% monthly. Forex traders can compare this to Personal Income for August, which rose by 0.2% monthly, and Personal Spending by 0.2% monthly. The PCE Deflator for September is predicted to expand by 0.2% monthly and 2.1% annualized. Forex traders can compare this to the PCE Deflator for August, which rose 0.1% monthly and 2.2% annualized. The PCE Core Deflator for September is predicted to expand by 0.3% monthly and 2.6% annualized. Forex traders can compare this to the PCE Core Deflator for August, which increased by 0.1% monthly and 2.7% annualized.
The US Chicago PMI for October is predicted at 46.9. Forex traders can compare this to the US Chicago PMI for September, reported at 46.6.
US Natural Gas Inventories for the week ending October 25th are predicted to increase by 79B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending October 18th, which rose by 80B cubic feet.
The forecast for the USD/CHF remains bearish after this currency pair has reached its horizontal resistance area with fading bullishness. The Tenkan-sen and the Kijun-sen have flatlined, and price action trades below its Tenkan-sen. The ascending Senkou Span A of the Ichimoku Kinko Hyo Cloud completed a bullish crossover above the flat Senkou Span, which is vulnerable to a reversal amid rising bearish pressures. Traders should also monitor the CCI after forming a negative divergence in extreme overbought territory, followed by a double breakdown. This technical indicator has plenty of downside potential to lead price action lower. Can bears maintain control over the USD/CHF and force this currency pair 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 0.8630 to 0.8665 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8645
- Take Profit Zone: 0.8455 – 0.8505
- Stop Loss Level: 0.8700
Should price action for the USD/CHF break out above 0.8665, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8700
- Take Profit Zone: 0.8750 – 0.8800
- Stop Loss Level: 0.8665
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
