Forex Market: GBP/CHF daily forecast

During yesterday’s trading session GBP/CHF traded within the range of 1.5061-1.5104 and closed at 1.5070.

At 6:20 GMT today GBP/CHF was gaining 0.14% for the day to trade at 1.5088. The pair touched a daily high at 1.5090 at 6:14 GMT.

Fundamental view

The number of employed people in Switzerland probably rose to 4.210 million in the first quarter, according to the median estimate by experts. In the fourth quarter of 2013, the number of Swiss employees was 4.189 million.

The Federal Statistical Office (FSO) conducts Survey of Labor Force in Switzerland (SLFS) annually. The aim is to collect data on business climate and general information about the labor market. SLFS is based on a representative sample of 48 000 people, in order to avoid the cost of an alternative study involving the entire population. The term “resident population” refers to persons who officially reside in the country for the entire period of one year. The term “employed” refers to the”resident population” aged 15 and over, who during the reference period: worked for at least one hour for a fee; or who, regardless of temporary absence from work (due to illness, vacation, maternity or military service) had a permanent job (regardless of whether they were employed or self-employed); or those who were employed in a family business without specific charge. The number of employees is identified with that of the term “employed”.

The FSO is scheduled to release an official report at 7:15 GMT. In case, the level of employed Swiss citizens rises more than expected, this would boost demand for the Swiss franc, as the indicator is seen as early gauge for consumer spending.

Technical view

According to Binary Tribune’s daily analysis, in case GBP/CHF manages to breach the first resistance level at 1.5096, it will probably continue up to test 1.5121. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5139.

If GBP/CHF manages to breach the first key support at 1.5053, it will probably continue to slide and test 1.5035. With this second key support broken, the movement to the downside will probably continue to 1.5010.