FXStreet (Barranquilla) – The US Dollar is trading higher against the Swiss Franc following the latest US Economic data. The USD/CHF rose 90 pips from the 0.9290 traded in the European morning to reach fresh daily highs around 0.9380.
NY Empire State Manufacturing index falls again in June after the rebound experienced in May. The index posted a -1.98 in June, an ugly number regarding the +5.20 expected by market.
Industrial Production in the US declined 0.2% in May, against 0.3% increase expected. US capacity utilized in May was 78.1%, down from 78.3% used in April.
Back on currencies, The USD/CHF is opening positive the week after three negative weeks in a row. Currently, USD/CHF is trading at 0.9368, up 0.88% on the day, having posted a daily high at 0.9387 and low at 0.9289.
USD/CHF spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
USD/CHF Forecast:
Jameel Ahmad form FXTM comments in the USDCHF Forecast Poll that the “the upcoming direction for the USD/CHF will be completely dependent on how traders react to the FOMC decision.” Ahmad says that “upside gains currently appear to be capped by 200 day SMA near 0.95.”
USD/CHF levels
If the pair manages to consolidates levels above 0.9350, the USD/CHF will find resistances at 0.9380, 0.9400 and 0.9420. To the downside, supports are at 0.9330, 0.9300 and 0.9290.
(Market News Provided by FXstreet)