FXStreet (Mumbai) – The rise in the USD/CHF appears to have stalled around 0.9475 after the monthly gauge of manufacturing activity in Switzerland printed higher-than-expected.
CHF slide stalls as manufacturing nearly back to expansion
The Swiss franc found support from the data in Switzerland, which showed manufacturing PMI in May rose to 49.4, bettering the estimate of 47.8. Earlier today, the USD ran into bids, taking the USD/CHF pair higher to 0.9475 levels.
The upbeat data ensured the pair was offered at 0.9475, thereby pushing it slightly lower to 0.9465 levels. However, the CHF is unable to extend gains as technically the index still remains in contraction territory (just below 50.00).
USD/CHF Technical Levels
The immediate resistance is seen at 0.9477 (May 29 high), above which the pair rose to 0.9532 (100-DMA). On the flip side, a break below 0.9456 (50-DMA) could drive the pair lower to 0.94 levels.
(Market News Provided by FXstreet)