Here are the key factors to keep in mind today for US Dollar trades:
- US Philadelphia Fed Business Outlook: The Philadelphia Fed Business Outlook for September is predicted at 15.8. Forex traders can compare this to the Philadelphia Fed Business Outlook for August which was reported at 11.9.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of September 15th are predicted at 210K and US Continuing Claims for the week of September 8th are predicted at 1,705K. Forex traders can compare this to US Initial Jobless Claims for the week of September 8th which were reported at 204K and to US Continuing Claims for the week of September 1st which were reported at 1,696K.
- US Leading Indicators: US Leading Indicators for August are predicted to increase by 0.5% monthly. Forex traders can compare this to US Leading Indicators for July which increased by 0.6% monthly.
- US Existing Home Sales: US Existing Home Sales for August are predicted to increase by 0.8% monthly to 5.38M. Forex traders can compare this to US Existing Home Sales for July which decreased by 0.7% monthly to 5.34M.
Here are the key factors to keep in mind today for Swiss Franc trades:
- Swiss Trade Balance: The Swiss Trade Balance for August was reported at CHF3.134B. Economists predicted a figure of CHF2.410B. Forex traders can compare this to the Swiss Trade Balance for July which was reported at CHF2.214B. Exports for August increased by 0.6% monthly and Imports decreased by 2.8% monthly. Forex traders can compare this to Exports for July which decreased by 2.0% monthly and to Imports which decreased by 1.3% monthly. Swiss Watch Exports for August increased by 5.5% annualized. Forex traders can compare this to Swiss Watch Exports for July which increased by 6.6% annualized.
- Swiss National Bank Sight Deposit Interest Rate: The Swiss National Bank Sight Deposit Interest Rate was reported at -0.75%. Economists predicted a reading of -0.75%. Forex traders can compare this to the previous Swiss National Bank Sight Deposit Interest Rate which was reported at -0.75%. The SNB 3-Month Libor Lower Target Range was reported at -1.25% and the SNB 3-Month Libor Upper Target Range was reported at -0.25%. Economists predicted a figure of -1.25% and of -0.25%. Forex traders can compare this to the previous NB 3-Month Libor Lower Target Range of -1.25% and to the SNB 3-Month Libor Upper Target Range of -0.25%.
Should price action for the USDCHF remain inside the or breakout above the 0.9635 to 0.9700 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.9665
- Take Profit Zone: 0.9960 – 1.0000
- Stop Loss Level: 0.9550
Should price action for the USDCHF breakdown below 0.9635 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.9620
- Take Profit Zone: 0.9500 – 0.9550
- Stop Loss Level: 0.9665
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