USD/CHF: Switzerland’s manufacturing sector activity slowed in May


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.41% against the CHF and closed at 0.9883 on Friday.

On the macroeconomic data front, Switzerland’s manufacturing PMI fell to a level of 62.4 in May, lower than market expectations of a drop to a level of 62.5. The PMI had registered a level of 63.6 in the previous month.

In the Asian session, at GMT0300, the pair is trading at 0.9884, with the USD trading marginally higher against the CHF from Friday’s close.

The pair is expected to find support at 0.9847, and a fall through could take it to the next support level of 0.9810. The pair is expected to find its first resistance at 0.9917, and a rise through could take it to the next resistance level of 0.9950.

Moving ahead, investors would eye Switzerland’s total sights deposits for June, set to release in few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving averages.

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