Australian ANZ Job Advertisements for May increased by 0.5% monthly. Forex traders can compare this to Australian ANZ Job Advertisements for April, which decreased by 53.4% monthly. Australian NAB Business Conditions for May were reported at -24, and Australian NAB Business Confidence at -20. Forex traders can compare this to NAB Business Conditions for April, which were reported at -34 and to Australian NAB Business Confidence, which was reported at -46.
The Swiss Unemployment Rate for May was reported at 3.4%, and the Seasonally Adjusted Unemployment Rate was reported at 3.4%. Economists predicted a rate of 3.7% and 3.5%. Forex traders can compare this to the Swiss Unemployment Rate for April, which was reported at 3.1% and the Seasonally Adjusted Unemployment Rate, which was reported at 3.3%.
The AUD/CHF forecast turned bearish as the risk-on mood driving commodity currencies higher is fading. Australia’s worsening relationship with China is being ignored by forex traders, while the rise in global Covid-19 infections suggests prolonged economic issues. This currency pair is expected to partially reverse its advance, with safe-haven demand for the Swiss Franc anticipated to expand. A drop into its horizontal support area, which is located inside the Ichimoku Kinko Hyo Cloud, is currently pending. Will bears launch the first attempt at a correction this week? 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 breakdown below the 0.6555 to 0.6660 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6600
- Take Profit Zone: 0.6130 – 0.6195
- Stop Loss Level: 0.6700
Should price action for the AUD/CHF breakout above 0.6660 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6700
- Take Profit Zone: 0.6800 – 0.6865
- Stop Loss Level: 0.6660
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