AUD/CHF – Technical Analysis for Binary Options in Australia
[banner-group name=”banner-analysis-fx”]Switzerland – Trade Balance
Tomorrow, at GMT 8:00 a.m., the Swiss Federal Statistical Office will release the monthly trade balance figure, which measures the difference in value between net import and export of goods over the past month.
Since the demand for export is directly correlated with the demand for the Swiss Franc, binary options investors analyze the monthly trade balance in order to gauge the strength of the CHF against other major currencies.
Last month, the Swiss trade balance figure came out at 2.72 billion and the forecast for this month is currently set at a much higher figure compared to last month, at 3.03 billion.
Australia – CB Leading Index
Later, at GMT 4:30 p.m., the Conference Board Inc will release the month-over-month leading index for Australia, which measures the changes in the level of a composite index based seven other major fundamental indicators.
Since the CB leading index aggregates some of the other indicator data, binary options traders consider this to be an important representation of the overall Australian economy. However, since most of these data are previously released, the CB leading index tends to have a minimized immediate market impact.
Last month, the CB leading index increased by 0.5% after decreasing by around -0.4% in December 2016. However, in the last few months, it only declined once. Hence, there is a good chance that the index will increase once again this month, which may have a bullish impact on the valuation of the Australian Dollar against other major currencies.
Trade Recommendation for the AUD/CHF
Since December 29, 2016, the AUD/CHF has remained very bullish and climbed around 350 pips. Last week, the AUD/CHF broke above the 0.7650 level, which turned the resistance into a support level.
On February 17, the AUD/CHF tested this support around 0.7650 level, and formed a bullish pin bar.
As the Australian CB leading index went up for the last several months, we believe it would set a bullish fundamental outlook for the AUD/CHF as well. Furthermore, the Swiss trade balance forecast is set to increase by a small margin, and it should not have much bearish effect on the pair this week.
Earlier today, the AUD/CHF price penetrated above the high of this pin bar, indicating additional bullishness. Hence, if the price closes above the 0.7692 level, it would likely attract additional bullish momentum in the market.
Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the AUD/CHF with their binary options in Australia as soon as the price closes above the 0.7692 level on the daily timeframe.
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