USD/CHF: Switzerland’s SVME manufacturing PMI declined more-than-estimated in September


USDCHF Movement

For the 24 hours to 23:00 GMT, the USD rose 0.29% against the CHF and closed at 0.9839.

Data revealed that Switzerland’s SVME manufacturing PMI slid to a level of 59.7 in September, compared to a reading of 64.8 in the previous month. Market participants had envisaged the PMI to drop to a level of 62.1. On the contrary, the nation’s real retail sales rebounded 0.4% on a yearly basis in August, compared to a revised drop of 0.9% in the prior month. Market participants had anticipated for real retail sales to climb 1.7%.

In the Asian session, at GMT0300, the pair is trading at 0.9839, with the USD trading flat against the CHF from yesterday’s close.

The pair is expected to find support at 0.9812, and a fall through could take it to the next support level of 0.9785. The pair is expected to find its first resistance at 0.9861, and a rise through could take it to the next resistance level of 0.9883.

With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic releases for further clues.

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

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