AUD/CHF Breaks Above Key Resistance Near 0.6825 Amid Increasing Job Advertisements in Australia

Australia – ANZ Job Advertisements

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

Job advertisements usually lead to the hiring of new employees. So, 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 a 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 increased by 13.5%. This month it increased by 9.2%, a significant reduction.

Switzerland – Unemployment Rate

On Thursday, at GMT 6:45 a.m., the Swiss SECO will release the national unemployment rate. It measures the percentage of the total workforce 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 Swiss economy. It is because one of the main goals of the Central Bank of Switzerland is to keep unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help Forex traders predict future interest rates and inflation situation in the country.

Last month, the unemployment rate in Switzerland came out at 3.4%. This month, analysts are expecting it to remain unchanged at 3.4%.

AUD/CHF Forecast

Since October 20, 2020, the AUD/CHF remained in a strong uptrend. Over the last few months, it has gone up by around 470 pips. In December, it broke above the key resistance around the  0.6700 level. Yesterday, the AUD/CHF tested the pivot zone near 0.6750. Earlier today, it once again turned bullish and broke above yesterday’s high. Currently, it is trading above the 0.6825 level and appearing to be very bullish.

The ANZ Job Advertisements for Australia last month increased by 9.2%. On the other hand, analysts are expecting the Swiss unemployment rate to remain unchanged at 3.4%. 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 0.68250, 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 0.68250.

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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