Daily Trading Analysis 07.04.2020

Technical & Fundamental analysis

Trading Analysis USD/JPY Japanese Labor Cash Earnings for February increased by 1.0% annualized and Japanese Real Cash Earnings increased by 0.5% annualized. Economists predicted an increase of 0.4% and a decrease of 0.7%. Forex traders can compare this to Japanese Labor Cash Earnings for January, which increased by 1.5% annualized and to Japanese Real Cash Earnings, which increased by 0.7% annualized. Japanese Household Spending for February increased by 0.8% monthly and decreased 0.3% annualized. Economists predicted a decrease of 0.2% and 3.9% annualized. Forex traders can compare this to Japanese Household Spending for January, which decreased by 1.6% monthly and by 3.9% annualized. Our Analysis: Should price action for the USD/JPY remain inside the or breakdown below the 108.650 to 109.450 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 109.000 Take Profit Zone: 101.150 – 102.250 Stop Loss Level: 110.000 Alternative scenario: Should price action for the USD/JPY breakout above 109.450 the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 110.000 Take Profit Zone: 111.550 – 112.200 Stop Loss Level: 109.450 Learn More Trading Analysis of EUR/USD The U.S. President hopes that the U.S. will be able to overcome the spread of COVID-19 in the country soon and not to reach the previously projected 100,000 deaths. Authorities in New York City, which was most affected state by virus, said on Sunday that for the first time in a week the mortality rate had dropped slightly. The number of jobs in the country's economy decreased in March for the first time since 2010 - by 710 thousand people, said the U.S. Labor Ministry on Friday. Unemployment in the country jumped to 4.4% from 3.5% in February. Our Analysis: Provided that the currency pair is traded above 1.0780, follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 1.0830 Take Profit 1: 1.0865 Take Profit 2: 1.0900 Alternative scenario:  In case of breakdown of the level 1.0780, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 1.0780 Take Profit 1: 1.0765 Take Profit 2: 1.0740 Learn More Trading Analysis of USD/CHF In Switzerland, 20201 cases of coronavirus infection were detected, and 540 people died. According to the representative of the Swiss Ministry of Health Daniel Koch, this is not the peak. Over the past 24 hours, 7 thousand tests for coronavirus have been made in Switzerland, and 975 people confirmed the infection. Most cases were detected in the canton of Ticino, bordering Italy, followed by Geneva. In Switzerland, more women than men were infected, but 64% of the deceased were men. Switzerland has a population of 8.5 million people. Of this number, 1.3 million have applied for a temporary unemployment benefit in connection with the crisis.  Our Analysis: Provided that the currency pair is traded above 0.9795, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 0.9760 Take Profit 1: 0.9740 Take Profit 2: 0.9725 Alternative scenario:  In case of broken-out of the level 0.9795, follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 0.9795 Take Profit 1: 0.9815 Take Profit 2: 0.9830 Learn More ‌ ‌ ‌ ‌ ‌ Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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