AUD/CHF to Find Additional Bullish Momentum Above Resistance Near 0.7550

Switzerland – Libor Rate

On Thursday, at GMT 8:30 a.m., the Swiss National Bank will release the Libor rate, which measures the London interest rate for 3-month Swiss Franc deposits.

Since the overnight interest rate is the most important factor of a fiat currency’s valuation, binary options traders consider the Swiss Libor rate to be an important fundamental indicator of the Swiss currency.

In February, the SNB kept the Libor rate at -0.75% and the forecast for March is that they would leave it unchanged for the time being.

Australia – Unemployment Rate

Later in the day, at GMT 12:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate, which measures the percentage of total work force which remained unemployed over the past month.

Binary options investors consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help predict future interest rates and inflation situation in the country.

In February, the unemployment rate in Australia came out at 6.0% and the forecast for this month is currently set at 6.0% as well.

Trade Recommendation for the AUD/CHF

AUDCHFDaily

Although the AUD/CHF has been showing signs of bullishness for the last few weeks, the strong resistance around the 0.7240 level kept the price from moving further up.

However, last week, the AUD/CHF price finally penetrated and closed above the 0.7240 level, and that pushed the price towards the resistance near the 0.7515 level. After reaching as high as 0.7555, the AUD/CHF price started a retracement and formed a bearish outside bar (BEOB) on March 10.

As the Swiss National Bank is expected to leave the Libor rate at -0.75% and Australian unemployment rate is expected to remain at 6% this week, the fundamental outlook for the AUD/CHF would likely remain unchanged. Hence, if the AUD/CHF price closes above the resistance near 0.7555, it would likely find additional bullish momentum.

Under the circumstances, it would be recommended that binary options traders consider placing a CALL order for the AUD/CHF with their binary options brokers once the price closes above the 0.7555 level.

Recommended Broker: BinaryTilt

Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes on various tech and financial topics. You can reach him at contact@asifimtiaz.com

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Asif Imtiaz

Asif worked as a prop trader for almost a decade, and later he managed trading operations for one of the largest foreign exchange strategy developers in Europe. Currently, he works as a trading consultant to several brokers and writes on various tech and financial topics. You can reach him at contact@asifimtiaz.com

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