2 Jun 2014
USD/CHF hits daily highs after Swiss PMI
FXStreet (Córdoba) - The USD/CHF rallied to fresh daily highs at the beginning of the European session, as the franc weakened on the back of a lower-than-expected Swiss manufacturing PMI.
Swiss manufacturing PMI dropped to 52.5 in May from 55.8 the previous month and below the 55.0 expected. Activity remains in expansionary territory, although the pace has slowed. The USD/CHF quickly climbed to a high of 0.8978 and it is trading just below highs, recording a 0.23% gain on the day as investors await the next series of Eurozone PMIs.
USD/CHF technical levels
In terms of technical levels, the USD/CHF could find next resistances at 0.8989 (May 28 high), 0.9010 (Feb 13 high) and 0.9037 (Feb 12 high). On the flip side, supports are seen at 0.8932 (May 30 low), 0.8923 (May 22 low) and 0.8900 (psychological level).
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Swiss manufacturing PMI dropped to 52.5 in May from 55.8 the previous month and below the 55.0 expected. Activity remains in expansionary territory, although the pace has slowed. The USD/CHF quickly climbed to a high of 0.8978 and it is trading just below highs, recording a 0.23% gain on the day as investors await the next series of Eurozone PMIs.
USD/CHF technical levels
In terms of technical levels, the USD/CHF could find next resistances at 0.8989 (May 28 high), 0.9010 (Feb 13 high) and 0.9037 (Feb 12 high). On the flip side, supports are seen at 0.8932 (May 30 low), 0.8923 (May 22 low) and 0.8900 (psychological level).
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