Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian ANZ Job Advertisements for July dropped 3.0% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for June, which decreased 2.7% monthly.
Australian Building Approvals for June plunged by 6.5% monthly, and Private House Approvals decreased by 0.5% monthly. Economists predicted a drop of 6.5% and 0.5%. Forex traders can compare this to Australian Building Approvals for May, which surged 5.5% monthly, and Private House Approvals, which rose 1.9% monthly.
The Reserve Bank of Australia held interest rates at 4.35%. Economists predicted no change from 4.35%. Forex traders can compare this to the previous Reserve Bank of Australia’s interest rate decision, where it held interest rates at 4.35%.
The Swiss Unemployment Rate for July came in at 2.3%, and the Seasonally Adjusted Unemployment Rate at 2.5%. Forex traders can compare this to the Swiss Unemployment Rate for May, reported at 2.3%, and the Seasonally Adjusted Unemployment Rate, reported at 2.4%.
Swiss Retail Sales for June are predicted to rise by 0.5% annualized. Forex traders can compare this to Swiss Retail Sales for May, which increased by 0.4% annualized.
The forecast for the AUD/CHF turned cautiously bullish after this currency pair stabilized at its horizontal support area. Short-term volatility could rise with the Tenkan-sen moving lower and the Kijun-sen flat. The Senkou Span A and the Senkou Span B of the Ichimoku Kinko Hyo Cloud move lower following a bearish crossover but form a narrow band prone to a reversal. Traders should also monitor the CCI in extreme oversold territory where a positive divergence has formed. A breakout above -100 could trigger the next advance. Can bulls regain control over the AUD/CHF and push price action into its horizontal resistance area? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.
Should price action for the AUD/CHF remain inside the or breakout above the 0.5550 to 0.5600 zone, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.5575
- Take Profit Zone: 0.5760 – 0.5825
- Stop Loss Level: 0.5530
Should price action for the AUD/CHF break down below 0.5550, PaxForex recommends the following trade setup:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.5530
- Take Profit Zone: 0.5450 – 0.5500
- Stop Loss Level: 0.5550
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
