Source: PaxForex Premium Analytics Portal, Fundamental Insight

Australian Building Approvals for October decreased 12.9% monthly, and Private House Approvals increased 4.3% monthly. Forex traders can compare this to Australian Building Approvals for September, which decreased 3.9% monthly, and Private House Approvals, which decreased 16.0% monthly.

The Australian Current Account Balance for the third quarter was reported at A$23.9B. Economists predicted a figure of A$27.8B. Forex traders can compare this to the Australian Current Account Balance for the second quarter, reported at A$22.9B. Australian Net Exports of GDP for the third quarter increased 1.0% quarterly. Economists predicted an increase of 1.0%. Forex traders can compare this to Australian Net Exports of GDP for the second quarter, which decreased 1.0% quarterly.

Australian Private Sector Credit for October increased 0.5% monthly, and Housing Credit increased 0.6% monthly. Forex traders can compare this to Australian Private Sector Credit for September, which increased 0.6% monthly, and Housing Credit, which increased 0.6% monthly.

The Swiss KOF Leading Indicator for November was reported at 108.5. Economists predicted a figure of 109.0. Forex traders can compare this to the Swiss KOF Leading Indicator for October, reported at 110.2.

The forecast for the AUD/CHF is turning bullish following a sharp sell-off that took this currency pair into support. While the Tenkan-sen continues to move lower, the Kijun-sen has turned sideways, suggesting fading short-term selling pressure. The Ichimoku Kinko Hyo Cloud maintains its long-term bullish stance, but volatility may increase after the Senkou Span A temporarily crossed below the Senkou Span B with a lack of bearish momentum. Adding to the bullish scenario is the CCI, which dropped into extreme oversold territory but started to ascend. Traders should wait for a breakout above -100 before adding buy orders. Can bulls pressure the AUD/CHF 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 0.6530 to 0.6600 zone, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Long Position
• Entry Level: Long Position @ 0.6555
• Take Profit Zone: 0.6720 – 0.6755
• Stop Loss Level: 0.6490

Should price action for the AUD/CHF breakdown below 0.6530, PaxForex recommends the following trade set-up:

• Timeframe: D1           
• Recommendation: Short Position
• Entry Level: Short Position @ 0.6540
• Take Profit Zone: 0.6370 – 0.6400
• Stop Loss Level: 0.6530

Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.