USD/CHF: Switzerland’s manufacturing sector growth surged to a 6-year high in July


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.53% against the CHF and closed at 0.9707.

On the data front, Switzerland’s SECO consumer confidence index improved to a level of -3.0 July, meeting market expectations, reflecting greater optimism about the nation’s economic growth and job market. In April, the index had registered a level of -8.0. Additionally, the nation’s real retail sales rebounded 1.5% on an annual basis in June, after recording a revised drop of 0.8% in the previous month.

Another data indicated that the nation’s SVME manufacturing PMI recorded an unexpected rise to a level of 60.9 in July, notching its highest level in six years. Investors had anticipated the PMI to fall to a level of 58.8, after registering a reading of 60.1 in the prior month.

In the Asian session, at GMT0300, the pair is trading at 0.9708, with the USD trading slightly higher against the CHF from yesterday’s close.

The pair is expected to find support at 0.9667, and a fall through could take it to the next support level of 0.9625. The pair is expected to find its first resistance at 0.9732, and a rise through could take it to the next resistance level of 0.9755.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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