During Friday’s trading session USD/CHF traded within the range of 0.9041-0.9096 and closed at 0.9054, losing 0.36% for the day.
At 6:55 GMT today USD/CHF was adding 0.08% for the day to trade at 0.9061. The pair touched a daily high at 0.9067 at 4:30 GMT.
Fundamental view
Activity in Switzerland’s manufacturing sector probably slowed down during July. The SVME Manufacturing Purchasing Managers Index (PMI) probably fell to a reading of 52.8 last month, according to the median forecast by experts, from 54.0 in June. This indicator provides clues over growth of production in the country. Values above 50.0 are indicative of expansion in the sector. Therefore, higher than expected PMI readings would support the franc. The SVME (Schweizerischer Verband für Materialwirtschaft und Einkauf) in cooperation with Credit Suisse will release the official data at 7:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 0.9064. In case USD/CHF manages to breach the first resistance level at 0.9086, it will probably continue up to test 0.9119. In case the second key resistance is broken, the pair will probably attempt to advance to 0.9141.
If USD/CHF manages to breach the first key support at 0.9031, it will probably continue to slide and test 0.9009. With this second key support broken, the movement to the downside will probably continue to 0.8976.
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