AUD/CHF – Technical Analysis for Forex Trading & CFDs.
Switzerland – Consumer Price Index
On Monday, at GMT 8:15 a.m., the Swiss Federal Statistical Office released the month-over-month consumer price index. It measures the changes in the price of products and services bought by the Australian consumers over the past month.
Forex investors consider the Swiss CPI to be the most important fundamental indicator to measure the inflation in the economy. This is because the Swiss Central Bank also uses the CPI to decide about setting future overnight interest rates. Hence, a rising quarterly CPI signals to the Forex market that there would be an increase in the future interest rates.
Last month, the Swiss CPI remained unchanged by 0.0%. The forecast for this month was set at -0.1% decrease. The actual Swiss CPI decreased by -0.1% as well.
Australia – National Australia Bank (NAB) Limited Business Confidence Index
On Tuesday, at GMT 12:30 a.m., the National Australia Bank (NAB) Limited will release its monthly business confidence index figure. This figure measures the level of a diffusion index based on a survey of 350 businesses in Australia.
The survey asks respondents to rate the current business environment in Australia. Businesses are the first to react to changing business conditions. So, Forex traders consider it as a leading indicator of the overall economic health in the coming months because of the level of their sentiment regarding optimism and business confidence.
Last month, the NAB business confidence index reading came out at 11, after coming at 6 in the previous month. This month if the trend continued it will likely to have a bullish effect on the Australian Dollar.
The AUD/CHF formed a bearish outside bar on January 23. Since then, the pair fell by around 450 pips. After reaching 0.7265, it found a strong support and currently appears to be bullish. Currently, the AUD/CHF is trading just below the major resistance around 0.7415.
The NAB Limited Business Confidence Index in Australia is on an uptrend as it came out higher last month compared to the previous month. On the other hand, the Swiss consumer price index just declined by -0.1% during the last month. 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 0.7415, it would likely attract additional bullish momentum in the market.
Hence, Australian Forex traders should look out for trading opportunities above this major resistance level around 0.7415.
As the downtrend intensified last week, the BTC/AUD fell below the support around 8,000. However, as soon as the price reached near the 7,400 level, it started a bullish retracement. Since then, it has climbed up by around 4,000 pips. Currently, it is trading just below the key resistance near 12,000.
Early on Monday, news broke that the Government of Gibraltar is planning to regulate cryptocurrency based Initial Coin Offerings (ICOs). The Gibraltar Financial Services Commission (GFSC) stated that their plan to regulate token regulations will only authorize sponsors who will be responsible for assuring compliance with disclosure and financial crime rules.
However, given the latest bullish momentum of BTC/AUD, if the pair breaks above the 12,000 level, it will likely continue to go up for the time being.
Hence, Australian bitcoin traders should look out for trading opportunities above this major resistance level around 12,000.