During yesterday’s trading session GBP/CHF traded within the range of 1.4830-1.4870 and closed at 1.4853.
At 6:37 GMT today GBP/CHF was adding 0.05% for the day to trade at 1.4860. The pair touched a daily high at 1.4863 at 6:06 GMT.
Fundamental view
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.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CHF manages to breach the first resistance level at 1.4872, it will probably continue up to test 1.4891. In case the second key resistance is broken, the pair will probably attempt to advance to 1.4912.
If GBP/CHF manages to breach the first key support at 1.4832, it will probably continue to slide and test 1.4811. With this second key support broken, the movement to the downside will probably continue to 1.4792.
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