During yesterday’s trading session EUR/CHF traded within the range of 1.2189-1.2210 and closed at 1.2194.
At 6:28 GMT today EUR/CHF was gaining 0.02% for the day to trade at 1.2196. The pair touched a daily high at 1.2197 at 5:47 GMT.
Fundamental view
Switzerland
The SVME Purchasing Managers Index in Switzerland probably improved to 55.0 in April from 54.4 in the previous month, according to the median estimate by experts.
The SVME (Schweizerischer Verband für Materialwirtschaft und Einkauf) Purchasing Managers Index is an indicator that reflects the economic activity. It measures the activity level of managers in terms of production, employment, inventories, orders and deliveries. PMI includes data from manufacturing, services and construction. Values above 50 indicate growth. The study is carried out by SVME in association with Credit Suisse.
The SVME is expected to release official data at 7:30 GMT. In case, the index improves more than expected, this will support demand for the Swiss franc.
Euro zone
The final manufacturing Purchasing Managers’ Index (PMI) in the Euro zone will probably remain unchanged at 53.3 in April, matching the preliminary reading estimated in March, according to the median forecast by experts. The index is based on a monthly survey, which includes carefully selected companies that are representative of the state of the private sector in the economy and track the changes in production, new orders, market share, employment and prices in the manufacturing sector. ThePMI is the first economic indicator for each month, providing information on the changing economic conditions, significantly earlier than the official state statistics. It is presented as a scale from 1 to 100. Readings above 50 are connected with a positive outlook for economic growth. Conversely, values below 50 indicate a less optimistic forecast. This is a preliminary value of the indicator.
The research group Markit Economics will release the official figures at 8:00 GMT.
In addition, the jobless rate in the Euro zone as a whole probably remained steady at 11.9% in March. The official rate is due to be released at 9:00 GMT by Eurostat. Lower than expected unemployment would be supportive for the 18-nation common currency.
Technical view
According to Binary Tribune’s daily analysis, in case EUR/CHF manages to breach the first resistance level at 1.2206, it will probably continue up to test 1.2219. In case the second key resistance is broken, the pair will probably attempt to advance to 1.2227.
If EUR/CHF manages to breach the first key support at 1.2185, it will probably continue to slide and test 1.2177. With this second key support broken, the movement to the downside will probably continue to 1.2164.
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