Here are the key factors to keep in mind today for US Dollar trades:
- US S&P/Case-Shiller Composite 20: The US S&P/Case-Shiller Composite 20 for March is predicted to increase by 0.7% monthly and by 6.4% annualized. Forex traders can compare this to the US S&P/Case-Shiller Composite 20 for February which increased by 0.8% monthly and by 6.8% annualized.
- US Consumer Confidence: US Consumer Confidence for May is predicted at 128.0. Forex traders can compare this to US Consumer Confidence for April which was reported at 128.7.
- US Dallas Fed Manufacturing Index: The US Dallas Fed Manufacturing Index for May is predicted at 23.0. Forex traders can compare this to the US Dallas Fed Manufacturing Index for April which was reported at 21.8.
Here is the key factor to keep in mind today for Swiss Franc trades:
- Swiss Trade Balance: The Swiss Trade Balance for April was reported at CHF2.29B. Economists predicted a figure of CHF2.30B. Forex traders can compare this to the Swiss Trade Balance for March which was reported at CHF1.69B.
Should price action for the USDCHF remain inside the or breakdown below the 0.9905 to 0.9955 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9935
- Take Profit Zone: 0.9580 – 0.9645
- Stop Loss Level: 1.0055
Should price action for the USDCHF breakout above 0.9955 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9975
- Take Profit Zone: 1.0055 – 1.0100
- Stop Loss Level: 0.9935
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
