Forex Market: AUD/CHF forecast for Monday

During Friday’s trading session AUD/CHF traded within the range of 0.8235-0.8302 and closed at 0.8302, surging 0.63% for the day and 1.92% for the week.

Fundamental view

Australia

At 1:30 GMT on Monday the National Australia Bank (NAB) is expected to announce the results from its survey on business confidence in Australia during April. The corresponding gauge came in at a reading of 4 in March. Business conditions in the country, assessed by respondents in the survey, provide an indication of overall economic activity in a short term. In case business confidence improved more than anticipated, this would have a bullish effect on Australian dollar.

Switzerland

Annualized retail sales in Switzerland probably rose at a pace of 2.3% in March, according to the median estimate by experts, following another 1.0% climb in February. This indicator reflects the change in the total value of inflation-adjusted sales by retailers in the country and provides key information regarding consumer spending trend, while the latter is a major driving force behind economic growth. In case retail sales increased at a faster than expected pace, this would provide support to the franc. The Federal Statistical Office is expected to release the official report at 7:15 GMT on Monday.

Technical view

According to Binary Tribune’s daily analysis, in case AUD/CHF manages to breach the first resistance level at 0.8324, it will probably continue up to test 0.8347. In case the second key resistance is broken, the pair will probably attempt to advance to 0.8391.

If AUD/CHF manages to breach the first key support at 0.8257, it will probably continue to slide and test 0.8213. With this second key support broken, the movement to the downside will probably continue to 0.8190.