SWITZERLAND DATA: KOF Recovers In July As US-Swiss Deal Remains In Pipeline
The Swiss KOF Economic Barometer recovered in July to 101.1, above consensus of 97.9 and following June's 96.3 (revised from 96.1). The improved sentiment comes amid a US-Swiss trade deal remaining in the pipeline for now.
- “Among the indicator bundles included in the Economic Barometer, the indicators for manufacturing, for hospitality as well as for other services particularly reflect the positive developments. The indicators for foreign demand and for financial and insurance services, however, are under downward pressure”, the KOF institute comments.
- The 15% US-EU trade deal appears to be seen negatively in Switzerland on balance, with fears that the country also will end up with less favourable export conditions going forward. A trade agreement with the US seen as detrimental for Switzerland would have the potential to weigh on sentiment in the country going forward.
- From a monetary policy perspective, today's print will be of limited significance as the SNB's main focus is on inflation amid the continued CPI Y/Y readings around 0% in the country.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
SILVER TECHS: Bullish Structure Intact
- RES 4: $39.026 - 1.382 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $38.246 - 1.236 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $38.000 - Round number resistance
- RES 1: $37.317 - High Jun 18
- PRICE: $36.213@ 08:17 BST Jun 30
- SUP 1: $35.766 - 20-day EMA
- SUP 2: $34.595/31.651 - 50-day EMA / Low May 15
- SUP 3: $30.915/28.351 - Low Apr 11 / 7 and the bear trigger
- SUP 4: $27.686 - Low Sep 6 ‘24
A bull wave in Silver remains in play and the latest pullback is considered corrective. The metal has recently traded through resistance at $34.903, the Oct 23 ‘24 high and a key bull trigger. The break of it marks an important medium-term bullish development. Sights are on the $38.00 handle next. On the downside, initial support to watch lies at $35.766, the 20-day EMA. It has been pierced, a clear break of it would open $34.595, the 50-day EMA.
USDCAD TECHS: Pivot Resistance Remains Intact
- RES 4: 1.4111 High Apr 4
- RES 3: 1.4016 High May 12 and 13 and a key resistance
- RES 2: 1.3920 High May 21
- RES 1: 1.3806 50-day EMA
- PRICE: 1.3654 @ 08:14 BST Jun 30
- SUP 1: 1.3618 Low Jun 26
- SUP 2: 1.3540 Low Jun 16 and the bear trigger
- SUP 3: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
- SUP 4: 1.3473 Low Oct 2 2024
USDCAD is trading below its recent highs. The primary downtrend remains intact and short-term gains between Jun 16 - 23 appear to have been corrective. Key support and the bear trigger has been defined at 1.3540, the Jun 16 low. Clearance of this price point would resume the downtrend. Any reversal higher would instead signal scope for a stronger retracement. Pivot resistance to monitor is at the 50-day EMA, at 1.3806.
AUDUSD TECHS: Trend Structure Remains Bullish
- RES 4: 0.6700 76.4% retracement of the Sep 30 ‘24 - Apr 9 bear leg
- RES 3: 0.6688 High Nov 7 ‘24
- RES 2: 0.6603 High Nov 11 ‘24
- RES 1: 0.6564 High June 26
- PRICE: 0.6539 @ 08:110 BST Jun 30
- SUP 1: 0.6492 20-day EMA
- SUP 2: 0.6454/6373 Low Jun 24 / 23 and a reversal trigger
- SUP 3: 0.6357 Low May 12
- SUP 4: 0.6275 Low Apr 14
The medium-term trend set-up in AUDUSD remains bullish. Strong gains last week reinforces a bull theme and confirms the end of the latest corrective pullback. Sights are on key resistance and the bull trigger, at 0.6552, the Jun 16 high. This level has been pierced, a clear break would confirm a resumption of the trend and open 0.6603, the Nov 11 2024 high. Key short-term support has been defined at 0.6373, the Jun 23 low.
