AUD/CHF Forecast & Technical Analysis for Binary Options
Australia – Unemployment Rate
On Thursday, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate. It measures the percentage of total work force which remained unemployed over the past month.
HighLow investors consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy. It is because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. This is a lagging indicator. But, analyzing this data can help Forex traders predict future interest rates. Also, it can help forecast inflation situation in the country.
Last month, the unemployment rate in Australia came out at 5.2%. This month, analysts are expecting it to remain unchanged at 5.2%.
Switzerland – Producer Price Index (PPI)
On Thursday, at GMT 6:30 a.m., the Swiss Federal Statistical Office will release the month-over-month Producer Price Index (PPI). It measures the changes in the price of goods and raw materials bought by Swiss manufacturers during the previous month.
Binary options traders consider the Swiss Producer Price Index (PPI) to be a leading indicator of the consumer inflation. Because any substantial increase in the raw materials is passed on to the buyers of the finished products by manufacturers. Hence, an increase in PPI indicates rising prices at the consumer level, which contributes to overall national inflation.
Last month, the Swiss PPI (m/m) decreased by -0.5%. The forecast for this month says that it will likely decrease by an additional -0.2%.
AUD/CHF Forecast
On August 1, 2019, the AUD/CHF broke below the key support level around 0.6750. Over the last two weeks, the pair fell by around 190 pips. However, after reaching the 0.6560 level, it found a minor support last week. Currently, the AUD/CHF is re-testing the support near 0.6560.
The Australian unemployment rate will likely remain at 5.2%. On the other hand, analysts are expecting the Swiss PPI to decline, but at a lower pace than last month. We believe it would set a bearish fundamental outlook for the AUD/CHF this week. Therefore, if the AUD/CHF closes below the support near 0.6560, it would likely attract additional bearish momentum in the market.
Hence, Australian binary options traders should look out for trading opportunities below this major support level around 0.6560.
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