USD/CHF breaks below hourly 50-MA ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bid tone around CHF gathered pace in early US, pushing the USD/CHF pair below the hourly 50-MA 0.9979 levels ahead of the manufacturing PMI releases in the US.

    Eyes US data

    The traders await the release of two separate manufacturing PMI reports in the US. However, ISM PMI is likely to get more attention, since the employment sub index usually helps shape up expectations surrounding the non-farm payrolls figure.

    Apart from the data, the spot also remains at the mercy of the overall market sentiment. As of now, the US index futures are pointing to a positive opening, despite which the bid around safe haven CHF gathered pace.

    USD/CHF Technical Levels

    The pair currently trades around 0.9975 levels. The immediate resistance is seen at 1.00 handle, above which the pair could target 1.0037 (Monday’s high). On the other hand, a break below 0.9953 (100-DMA) would open doors for a slide to 0.9929 (5-DMA).
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