According to the data provided by UBS, one of the Switzerland’s major economic indicators - Consumer Demand – fell in September. The September decrease is believed to result from the activity decline in the sectors of business and retail sales. Nevertheless UBS expects the pace of consumption growth to be high within the next few quarters.
In the meantime, the Swiss Franc is forming a wave of the senior timeframe against the US Dollar. A FZR* for this wave will reverse the mid-term downtrend of USDCHF, making the CHF currency rate decline.
At this point there is a probability of continuing the formation of the mentioned wave in the form of either the 5th subwave or wave c (C ) if the MF SC* and MF pivot are not broken through.
09:00 EU - CPI, Unemployment rate
09:30 CH - KOF Economic Barometer
12:30 CAD - GDP
12:30 USA - Prelim GDP, GDP Price Index, Employment Cost Index
13:45 USA - Chicago PMI
13:55 USA - Michigan sentiment index
Support/Resistance levels:
1.0067 - 138.2%
1.0050 - 200%
1.0015 - 123.6% + 188.2% + 23.6% + sell limits
1.9880 – the current price
1.9756 - 138.2% + 50%
1.9708 - 176.4% + 61.8%
1.9678 - 200% + buy limits
1.9600 - 261.8% + sell stops Text: Ivan Zhigalov, an expert of the Department of studying Masterforex-V trading system
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MF SC = Sloping Channel by Masterforex-V
FZR = Fractal-Zigzag Reversal
Full article in Market Leader
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