USD/CHF Bullish Retracement May Find Momentum As US Core Durable Goods Orders Set to Increase

USD/CHF – Technical Analysis for Australian Forex Trading

United States – Core Durable Goods Orders

Today, at GMT 12:30 p.m., the US Census Bureau will release the month-over-month core durable goods orders figure, which measures the changes in the total value of all new purchase orders made to the US manufacturers for durable goods over the past month. However, the US Census Bureau excludes goods from the transportation sector in this figure in order to offer an accurate picture.

Australian Forex trading investors consider the US core durable goods orders to be the primary gauge of production situation in the economy, as an increase in purchase orders indicates that US manufacturing activity and growth will happen in the near future.

Last month, the US core durable goods orders decreased by 0.5% and the forecast for this month is currently set at an increase of 0.4%.

Switzerland – KOF Economic Barometer

On Friday, at GMT 7:00 a.m., the KOF Economic Research Agency will release its economic barometer index, which measures the changes in the level of a composite index.

Since the KOF develops this composite index by analyzing 219 different economic indicators, Forex investors consider this to be an important fundamental indicator regarding the Swiss economy.

Last month, the KOF economic barometer index reading came out at 101.6 and the forecast for September is currently set at a slightly higher reading, at 102.6.

USD/CHF Forecast

USD/CHF Analysis for Australian forex trading investors - 27th June 2017

Since forming a small bearish pin bar on May 11, the USD/CHF price has gone down by around 485 pips over the last six weeks. However, earlier in June, the USD/CHF broke above the downtrend line and currently, the pair appears to be on a bullish retracement.

Earlier today, the USD/CHF tested the newly formed uptrend line and got rejected around the resistance near 0.9735 level, which is the 23.6% Fibonacci retracement level of the last upward swing.

As the US core durable goods orders are expected to increase by 0.4% against a decrease of 0.5% last month, we believe it would likely set a bullish fundamental outlook for the USD/CHF this week. Therefore, if the USD/CHF price penetrates and closes above the 0.9735 level, it would likely attract additional bullish momentum in the market.

Hence, Australian Forex trading investors should look out for trading opportunities above this major resistance level around 0.9735.

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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 about 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 about various tech and financial topics. You can reach him at contact@asifimtiaz.com

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