Monday, April 10, 2017 5:59 PM / email@example.com
USD: The Non-Farm Payroll (NFP) figure for March released last week was shocking, as the data was unexpectedly weak and below expectation at 98,000 (vs. forecast of 180,000). The data is surprising, given that the economic data released during the week were strong and also signaled a strong NFP. However, the unemployment level dropped to 4.5% (vs. forecast of 4.7%). This propelled the dollar to rally against most of its major counterparts.
CHF: The CHF, on the other hand showcased some mixed sentiments against its trading counterparts in the last days of the prior week.
The pair has reached the resistance line and have formed a descending triangle.
· If the price reaches the resistance level at 1.0150 with a bearish candlestick confirmation, we advise a “SELL”.
· Stop loss at the high of the bearish candlestick.
· First profit target: 1.0007.
· Second profit target: 0.9863.
· If the pair breaks above the 1.0150 resistance level with a pull back to the level, displaying a bullish candlestick confirmation, we advise a “Buy”.
· Stop loss at the low of the bullish candlestick
· Profit target at 1.0305 resistance level
NB: The high impact news from the US that are expected this week are as follows
1. Fed chair Yellen Speech at University of Michigan
2. Consumer Price Index (YoY) for March
The inflow of these news among others, during the week, could influence the price movement of the USD/CHF
TRADING ECONOMIC CALENDAR
A compilation of the economic activities and key data releases (high impact news) for the rest of the week is provided below (time is quoted in GMT)
Enter Into The Market
NB: Highlighted events are likely to have a greater influence on market trading activity. Due to the high risk involved in trading, MERI FX advises all prospective clients to ensure they have sufficient experience using the free demo platform prior to opening a live trading account.