Here are the key factors to keep in mind today for US Dollar trades:
- US Empire Manufacturing Index: The US Empire Manufacturing Index for October is predicted at 20.0. Forex traders can compare this to the US Empire Manufacturing Index for September which was reported at 19.0.
- US Advanced Retail Sales: US Advanced Retail Sales for September are predicted to increase by 0.6% monthly and Retail Sales Less Autos are predicted to increase by 0.4% monthly. Forex traders can compare this to US Advanced Retail Sales for August which increased by 0.1% monthly and to Retail Sales Less Autos which increased by 0.3% monthly. Retail Sales Less Autos and Gas for September are predicted to increase by 0.4% monthly and Retail Sales Control Group are predicted to increase by 0.4% monthly. Forex traders can compare this to Retail Sales Less Autos and Gas for August which increased by 0.2% monthly and to Retail Sales Control Group which increased by 0.1% monthly.
- US Business Inventories: US Business Inventories for August are predicted to increase by 0.5% monthly. Forex traders can compare this to US Business Inventories for July which increased by 0.6% monthly.
Here are the key factors to keep in mind today for Swiss Franc trades:
- Swiss Producer & Import Prices: Swiss Producer & Import Prices for September decreased by 0.2% monthly and increased by 2.6% annualized. Economists predicted an increase of 0.3% monthly of 3.1% annualized. Forex traders can compare this to Swiss Producer & Import Prices for August which were reported flat at 0.0% monthly and which increased by 3.4% annualized.
- Swiss Total Sight Deposits and Swiss Domestic Sight Deposits: Swiss Total Sight Deposits for the week of October 12th were reported at CHF577.6B and Swiss Domestic Sight Deposits were reported at CHF468.2B. Forex traders can compare this to Swiss Total Sight Deposits for the week of October 5th which were reported at CHF577.5B and to Swiss Domestic Sight Deposits which were reported at CHF469.4B.
Should price action for the USDCHF remain inside the or breakdown below the 0.9880 to 0.9930 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9900
- Take Profit Zone: 0.9540 – 0.9575
- Stop Loss Level: 0.9955
Should price action for the USDCHF breakout above 0.9930 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9960
- Take Profit Zone: 1.0025 – 1.0065
- Stop Loss Level: 0.9930
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
