AUD/CHF Resumes Uptrend Amid Increasing Job Advertisements in Australia

AUD/CHF – Technical Analysis for Binary Options Brokers

Australia – ANZ Job Advertisements

Today, at GMT 12:30 a.m., Australia and New Zealand Banking Group (ANZ) released its monthly Job Advertisement figure, which measures the changes in the number of advertised jobs in key Australian cities through the major daily newspapers and web portals.

Since job advertisements usually lead to hiring employees, binary options traders consider this data from ANZ to be a leading indicator of the employment trend in the country. The ANZ Job Advertisement figure usually has greater impact on the Australian Dollar when it is released before the Australian government’s official employment data.

Last month, the ANZ Job Advertisement figure decreased by -0.3%, and this month it increased by 1.0%, indicating that employers are looking to hire more workers in the coming months.

Switzerland – Foreign Currency Reserves

Later, at GMT 8:00 a.m., the Swiss National Bank released its foreign currency reserves figure, which measures the total value of foreign currency reserve held by the central bank.

The currency reserve usually goes down when the Swiss National Bank tries to defend the rate of the Swiss France in the open market, when the demand for the CHF is low. Hence, this figure can indicate how actively the central bank is participating in the market and. Hence, binary options investors consider this to be an important fundamental indicator of the CHF’s future directional movement against other major currencies.

Last month, the Swiss foreign exchange reserves figured came out at 630 billion, compared to 628 billion in the previous month, which means the SNB is trying to maintain its currency reserves instead of reducing or increasing it.

Trade Recommendation for the AUD/CHF

AUD/CHF - Technical Analysis for Binary Options brokers and Forex

Since the second week of June 2016, the AUD/CHF has remained bullish and so far, has claimed around 600 pips. However, on October 26, the AUD/CHF formed a bearish pin bar that triggered a retracement move. Hence, over the last two weeks, the AUD/CHF price has fallen around 180 pips and the pair formed a downtrend line in the process.

Earlier today, the AUD/CHF price penetrated above this downtrend line, but facing strong resistance around the 0.7520 level.

As the ANZ job advertisements figure went up during the last period, it would likely help the Australian Dollar remain bullish against the majors this week. Hence, if the AUD/CHF price closes above the 0.7520 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 brokers as soon as the price closes above the 0.7520 level on the daily time frame.

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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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