AUDCHF – Technical Analysis for Australian Binary Options Brokers
Switzerland – KOF Economic Barometer
On Friday, at GMT 8:00 a.m., the KOF Economic Research Agency released its economic barometer index. It measures the changes in the level of a composite index.
The KOF develops this composite index by analyzing 219 different economic indicators. Hence, Australian binary options brokers consider this to be an important fundamental indicator regarding the Swiss economy.
Last month, the KOF economic barometer index reading came out at 100.1. The forecast for this month is set at a lower reading, at 99.6.
Australia – Private Sector Credit
On Friday, at GMT 12:30 a.m., the Reserve Bank of Australia will release the month-over-month Private Sector Credit data. It measures the changes in the total value of new credit issued to consumers and corporations in the country over the previous month.
Binary options traders consider the private sector credit to be an important fundamental indicator of the Australian economy. Because borrowing and spending are highly correlated. Consumers and businesses only take out credit when they feel confident about their ability to pay it back in the future. Hence, it also acts as a measure of consumer and business confidence.
Last month, the private sector credit in Australia increased by 0.4%. The forecast for this month is currently set at an increase of 0.4% as well.
Since forming a double bottom formation on September 18, the AUD/CHF remained on an uptrend. On November 1, the pair broke above the downtrend line and soon tested the resistance around 0.7320. Over the last week, the AUD/CHF started a bearish retracement. Currently, it is trading between the resistance near 0.7320 and the newly formed uptrend line.
The Swiss KOF economic barometer might come out lower than last month, at 99.6. On the other hand, analysts are expecting the Australian private sector credit to expand by around 0.4% once again. We believe it would set a bullish fundamental outlook for the AUD/CHF this week. Therefore, if the AUD/CHF closes above the resistance near 0.7320, it would likely attract additional bullish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities above this major resistance level around 0.7320.
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