บทที่ 27 Switzerland Unemployment Rate
EU – Switzerland Unemployment Rate (November) Came Lower than Expected at 2.0% rather than 2.1%
Summary:
Eyes and Ears were on today’s Switzerland unemployment indicator decision. The unemployment index was previously 2.1% and was expected to come at 2.1% as well on December 7th, 2022, but the actual result came to be 2.0%. A higher-than-expected reading is considered Bearish for the CHF, and a lower-than-expected reading is considered bullish for the CHF.
Recommended Entry Price:
EURUSD:
Entry Price: 1.04800
Target Price: 1.05800
SL Price: 1.04250
1. Fundamentals
In today’s article, we will discuss the unemployment rate’s effect on the market. To start with, the unemployment rate represents the number of unemployed persons expressed as a percentage of the labor force. A lower-than-expected reading is considered bullish for the CHF, and a more-than-expected reading is considered bearish for the CHF. It is considered an important indicator, not only for Switzerland’s economy, but it indicates the major trend of the EU economy.
Switzerland’s unemployment rate was announced earlier on December 7th, 2022, with a result of 2.0% instead of a forecasted result of 2.1%. The result was lower than expected, thus it is bullish for the EUR. EURUSD prices increased sharply after this indicator by 50 PIPS from 1.0456 to 1.0505.
Switzerland’s Unemployment Rate
2. Technical Analysis
EURUSD Intraday:
The Intraday EURUSD pattern shows a bullish engulfing on M15 with possible prices touching the 1.05600 level later today.
Support and resistance:
1.0485
1.0479
1.0469
Pivot: 1.0495
1.0517
1.0511
1.0501
3. Trading Recommendations
High Probability Scenario:
Short Below: 1.04524
Target 1: 1.04307
Target 2: 1.04060
Alternative Scenario:
Long Above: 1.04842
Target 1: 1.05013
Target 2: 1.05194