USD/CHF Set to Test Resistance Near 0.9450 As US Retail Sales Grows

USD/CHF – Technical Analysis for Nadex Traders

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.

Nadex 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 binary options 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.

United States – Retail Sales

On Wednesday, at GMT 1:30 p.m., the US Census Bureau will release the national month-over-month retail sales figure. It measures the changes in the total value of all sales made at the retail level in the country over the past month.

Retail sales data are considered by binary options traders to be the primary gauge of consumer spending and confidence. This is because when consumers are confident about their future financial situation, they tend to spend more.

Last month, the US retail sales value increased by 0.1%. Analysts are expecting that this month, it would likely increase by an additional 0.3%.

USD/CHF Forecast

USD/CHF Analysis for NADEX traders - 13th February 2017

Since breaking above the downtrend line on February 7, the USD/CHF remained range bound. Especially, the 0.9450 level proved to be a strong resistance. Currently, the pair is trading sideways just below this resistance.

The Swiss consumer price index declined by -0.1% this month. On the other hand, analysts are expecting the US retail sales figure to increase by 0.3% this month compared to 0.1% increase in the previous month. We believe it would set a bullish fundamental outlook for the USD/CHF this week. Therefore, if the USD/CHF closes above the resistance near 0.9450, it would likely attract additional bullish momentum in the market.

Hence, US binary options traders should look out for trading opportunities above this major resistance level around 0.9450.

BTC/USD Forecast

As the downtrend intensified last week, the BTC/USD fell below the support around 10,000. However, as soon as the price reached the 6023 level, it started a bullish retracement.

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.

Given the latest government crackdowns across the world on cryptocurrencies, the bearish momentum will likely continue this week.

Hence, US bitcoin traders should look out for trading opportunities below this major support level around 6023.

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