Source: PaxForex Premium Analytics Portal, Fundamental Insight
Australian Westpac Consumer Confidence for September increased by 18.0% monthly to 93.8. Forex traders can compare this to Australian Westpac Consumer Confidence for August, which decreased by 9.5% monthly to 79.5. Australian Home Loans for July increased by 10.7% monthly, and Investment Lending for Homes increased by 3.5% monthly. Forex traders can compare this to Australian Home Loans for June, which increased by 5.5% monthly, and to Investment Lending for Homes, which increased by 8.1% monthly.
The Swiss Unemployment Rate for August was reported at 3.3%, and the Seasonally Adjusted Unemployment Rate was reported at 3.4%. Economists predicted a rate of 3.3% and 3.4%. Forex traders can compare this to the Swiss Unemployment Rate for July, reported at 3.2%, and the Seasonally Adjusted Unemployment Rate, reported at 3.4%.
The forecast for the AUD/CHF remains bearish, as economic disappointments across the global financial system point towards a momentum loss in the most recent recovery. More experts caution a safe vaccine for Covid-19 is unlikely in 2020, while the influenza season approaches. Safe-haven demand is expected to increase, forcing price action below its flatlining Kijun-sen and through its thinning Ichimoku Kinko Hyo Cloud. Will bears be able to push this currency pair into its next horizontal support 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 breakdown below the 0.6600 to 0.6650 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.6625
- Take Profit Zone: 0.6420 – 0.6470
- Stop Loss Level: 0.6675
Should price action for the AUD/CHF breakout above 0.6650 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.6675
- Take Profit Zone: 0.6710 – 0.6740
- Stop Loss Level: 0.6650
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