Source: PaxForex Premium Analytics Portal, Fundamental Insight
The Swiss KOF Leading Indicator for September is predicted at 102.0. Forex traders can compare this to the Swiss KOF Leading Indicator for August, reported at 101.6.
US Building Permits for August are predicted to increase by 4.9% monthly to 1.475M permits. Forex traders can compare this to US Building Permits for July, which dropped by 3.3% monthly to 1.406M permits.
US New Home Sales for August are predicted at 699K new homes. Forex traders can compare this to US New Home Sales for July, reported at 739K new homes.
US Crude Oil Inventories Change for the week ending September 20th are predicted to decrease by 1.300M. Traders can compare this to US Crude Oil Inventories Change for the week ending September 13th, which dropped by 1.630M. US Gasoline Inventories Change for the week ending September 20th are predicted to increase by 0.200M and US Distillate Stocks Change to contract by 2.200M. Traders can compare this to US Gasoline Inventories Change for the week ending September 13th, which rose by 0.069M, and US Distillate Stocks Change, which increased by 0.175M.
The forecast for the USD/CHF turned cautiously bullish with this currency pair trading at its horizontal support area. The descending Tenkan-sen and Kijun-sen have narrowed the gap and are ripe for a surprise bullish crossover that could deflate selling pressure. The Senkou Span A of the Ichimoku Kinko Hyo Cloud has flatlined and the Senkou Span B continues to shift lower, narrowing the cloud gradually. Traders should also monitor the CCI in extreme oversold territory, where a positive divergence is forming. A breakout above -100 could trigger the next leg higher and this technical indicator has plenty of upside potential. Can bulls regain control over the USD/CHF and push price action into its horizontal resistance 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 breakout above 0.8390 to 0.8455 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8415
- Take Profit Zone: 0.8625 – 0.8675
- Stop Loss Level: 0.8375
Should price action for the USD/CHF break down below 0.8390, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8375
- Take Profit Zone: 0.8300 – 0.8330
- Stop Loss Level: 0.8390
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