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AUDCHF Pair is on its way to Mark a New High
Summary:
How upcoming data releases in Australia and Switzerland, combined with technical analysis, may influence the AUD/CHF currency pair's movements, providing valuable insights for traders.
CLOSED
0.59621
ENTRY
0.60479
TGT
0.59171
SL
0.53320 +0.00119 +0.22%
450
Points
Loss
0.59171
SL
0.59171
CLOSING
0.59621
ENTRY
0.60479
TGT
Fundamental Analysis
Tomorrow, significant data releases are expected from both Australia and Switzerland, which could impact the AUD/CHF pair. In Australia, attention is drawn to the New House Loans report, with market expectations suggesting a positive increase from -4.6% to 2.25%. Elevated new housing loans often indicate a growing demand for credit, potentially prompting the Reserve Bank of Australia to consider adjusting interest rates. Such actions can influence the Australian dollar's value, potentially appreciating it against the Swiss franc. Additionally, increased housing loans can stimulate economic growth and consumer spending, further bolstering the Australian economy and, consequently, the AUD.
Australia New Housing Loans MoM (Excl. Refinancing) (Feb)
Conversely, Switzerland is expected to release its unemployment rate data, with market forecasts indicating a rise from 2.4% to 2.6%. An uptick in unemployment can impact the Swiss franc through various channels, including economic performance, monetary policy adjustments, and inflation expectations. Furthermore, Switzerland's reputation as a safe-haven currency may be affected, potentially weakening the CHF. Should the unemployment rate align with market expectations, we might anticipate weakness in the Swiss franc relative to the Australian dollar.
Switzerland Unemployment Rate (Not SA) (Mar)
Technical Analysis
Examining the 4-hour chart for the AUD/CHF pair, the current price stands at 0.59353. Technical analysis suggests a retracement to the previous demand zone around 0.59000 before witnessing a bullish resurgence. The market is anticipated to propel the price aggressively upwards, aiming to breach the preceding supply zone at 0.59500. Further upward momentum is expected, with the potential to reach the historical supply zone at 0.60500.
Supporting this analysis is the 20-period moving average, which indicates an upward trend on the daily chart. The alignment of the short-term trend with the broader uptrend reinforces the bullish sentiment for the AUD/CHF pair.
AUDCHF Price Chart
Trading Recommendation
Trading Direction: Long
Entry Price: 0.59621
Target Price: 0.60479
Stop Loss: 0.59171
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You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or strategy, or any other product is suitable for you based on your investment objectives and financial situation.
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BeingTrader Trading Coach & Speaker, 10+ years of experience in the forex industry being an intraday and day trader. My major trading strategies are based on technical analysis, and I mainly use trends, support/resistance, moving averages, and market entry and exit point strategy, risk management and trading plan.
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