Source: PaxForex Premium Analytics Portal, Fundamental Insight
Swiss Retail Sales for July are predicted to increase by 0.9% annualized. Forex traders can compare this to Swiss Retail Sales for June, which rose 1.2% annualized.
The Swiss CPI for August is predicted to increase by 0.2% monthly and 3.4% annualized. Forex traders can compare this to the Swiss CPI for July, which rose 0.5% monthly and 3.4% annualized.
The Swiss Manufacturing PMI for August is predicted at 56.8. Forex traders can compare this to the Swiss Manufacturing PMI for July, reported at 58.0.
US Initial Jobless Claims for the week of August 27th are predicted at 248K, and US Continuing Claims for the week of August 20th are predicted at 1,438K. Forex traders can compare this to US Initial Jobless Claims for the week of August 20th, reported at 243K, and US Continuing Claims for the week of August 7th, reported at 1,415K.
Final US Non-Farm Productivity for the second quarter is predicted to plunge 4.5% quarterly, and Unit Labor Costs to surge 10.7% quarterly. Forex traders can compare this to US Non-Farm Productivity for the first quarter, which collapsed 7.4% quarterly, and Unit Labor Costs, which spiked 12.6% quarterly.
The Final US Markit Manufacturing PMI for August is predicted at 51.3. Forex traders can compare this to the US Markit Manufacturing PMI for July, reported at 52.2. US Construction Spending for July is predicted to decrease by 0.4% monthly. Forex traders can compare this to US Construction Spending for June, which dropped 1.1% monthly.
The US ISM Manufacturing Index for August is predicted at 52.0, and ISM Prices Paid at 55.5. Forex traders can compare this to the US ISM Manufacturing Index for July, reported at 52.8, and ISM Prices Paid at 60.0. ISM Employment for August is predicted at 49.0. Forex traders can compare this to ISM Employment for July, reported at 49.9.
US Natural Gas Inventories for the week ending August 26th are predicted at 58B cubic feet. Traders can compare this to US Natural Gas Inventories for the week ending August 19th, reported at 60B cubic feet.
The forecast for the USD/CHF turned bearish after this currency pair reached its horizontal resistance area just above its descending Ichimoku Kinko Hyo Cloud, which suggests a price action reversal. Confirming the absence of short-term bullishness is the Kijun-sen, which began flattening out, while the Tenkan-sen shows signs of reaching a top. Traders should monitor the CCI after it has entered extreme overbought territory, where it is likely to form a lower high before reversing. A breakdown below 100 will provide the final sell signal for this currency pair. Can bears overpower bulls and force the USD/CHF 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 0.9760 to 0.9885 zone, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9800
- Take Profit Zone: 0.9370 – 0.9470
- Stop Loss Level: 0.9930
Should price action for the USD/CHF breakout above 0.9885, PaxForex recommends the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9930
- Take Profit Zone: 1.0000 – 1.0050
- Stop Loss Level: 0.9885
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