Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss Unemployment Rate for September is predicted at 2.8%, and the Seasonally Adjusted Unemployment Rate at 2.8%. Forex traders can compare this to the Swiss Unemployment Rate for August, reported at 2.7%, and the Seasonally Adjusted Unemployment Rate, reported at 2.9%.
US Initial Jobless Claims for the week of October 2nd are predicted at 348K, and US Continuing Claims for the week of September 25th are predicted at 2,780K. Forex traders can compare this to US Initial Jobless Claims for the week of September 25th, reported at 362K, and to US Continuing Claims for the week of September 18th, reported at 2,802K.
US Consumer Credit for August is predicted at $17.50B. Forex traders can compare this to US Consumer Credit for July, reported at $17.00B.
The forecast for the USD/CHF remains bearish after this currency pair failed to maintain its rally driven, causing the Ichimoku Kinko Hyo Cloud to flatline. While the Tenkan-sen shows a minor drift higher, the Kijun-sen entered a sideways trend, confirming the loss of short-term bullish momentum. The CCI corrected from extreme overbought territory after a negative divergence formed, and this indicator has more downside potential. Can bears pressure the USD/CHF into its next horizontal support area amid deteriorating conditions? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
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Should price action for the USD/CHF remain inside the or breakdown below the 0.9240 to 0.9300 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.99275
- Take Profit Zone: 0.9100 – 0.9140
- Stop Loss Level: 0.9340
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 @ 0.9340
- Take Profit Zone: 0.9400– 0.9440
- Stop Loss Level: 0.9300
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