AUD/CHF – Technical Analysis for Binary Options
Switzerland – Manufacturing PMI
Today, at GMT 8:30 a.m., Procure released the Swiss manufacturing PMI, which measures the level of a diffusion index by surveying 200 purchasing managers in the country.
Since businesses react quickly to changing market circumstances, their purchasing managers tend to have the most updated information about their company’s view regarding the economy. Hence, binary options traders pay special attention to Swiss manufacturing PMI data in order to understand the market sentiment.
Last month, the Swiss manufacturing PMI reading came out at 57.8 and the forecast for April was set at 58.2. However, the actual index reading came out much better than expected, at 58.2.
Australian – Trade Balance
On Tuesday, at GMT 2:30 a.m., The Australian Bureau of Statistics will release the monthly Trade Balance figure, which measures the difference in value between all import and export, including physical goods and intangible services.
Since the demand for export is directly correlated with the demand for the Australian Dollar, binary options investors analyse the monthly trade balance in order to gauge the strength of the AUD against other major currencies.
Last month, the Australian trade balance figure came out at 1.30 billion and the forecast for this month is currently set a slightly better figure, at 1.75 billion.
AUD/CHF Forecast
Since breaking below the uptrend line on March 3, 2017, the AUD/CHF remained bearish as the price fell by around 180 pips over the last month. However, last week, the AUD/CHF found considerable support near the 0.7480 level, which pushed up the price towards the 0.7650 resistance on March 31. Currently, the AUD/CHF is trading below the 0.7650 level.
As both the Swiss manufacturing PMI and Australian trade balance are expected to improve over the course of last month, the fundamental market outlook would remain tentative at best till the actual data are released by the respective authorities.
Regardless, if the current bullish retracement continues, and the AUD/CHF price closes above last week’s high, which is at 0.7670, it would likely attract additional bullish momentum in the market. Hence, binary options traders should look out for trading opportunities above this major resistance level.
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