During Friday’s trading session USD/CHF traded within the range of 0.8934-0.8984 and closed at 0.8953.
At 6:26 GMT today USD/CHF was adding 0.03% for the day to trade at 0.8956. The pair touched a daily high at 0.8962 at 1:30 GMT.
Fundamental view
Switzerland
The SVME Purchasing Managers’ Index in Switzerland probably remained unchanged at 55.8 in May from a month ago, 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.
United States
At 14:00 GMT the Institute for Supply Management (ISM) is to report on manufacturing activity in the country. According to experts’ estimates, the gauge of manufacturing probably increased to 55.4 last month from 54.9 in April. Values above 50.0 signify increased activity. In case market expectations are exceeded, the US dollar will receive support.
Technical view
According to Binary Tribune’s daily analysis, in case USD/CHF manages to breach the first resistance level at 0.8980, it will probably continue up to test 0.9007. In case the second key resistance is broken, the pair will probably attempt to advance to 0.9030.
If USD/CHF manages to breach the first key support at 0.8930, it will probably continue to slide and test 0.8907. With this second key support broken, the movement to the downside will probably continue to 0.8880.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
