Technical analysis of USD/CHF for May 24, 2017
USD/CHF is expected to trade with a bullish outlook. The pair broke above the declining trend line since May 19, which confirmed a bullish outlook. The rising 20-period and 50-period moving averages suggest that the prices have potential for a further advance. The relative strength index is above its neutrality level at 50.
On the economic data front, Markit U.S. Manufacturing PMI reached a preliminary estimate in May of 52.5 (estimated 53) from 52.8 in the previous month. Markit U.S. Services PMI grew in a preliminary forecast to 54 in May (expected at 53.3) compared with 53.1 in the prior month. In addition, Markit U.S. Composite PMI increased to 53.9 in a preliminary estimate in May from 53.2 in April. In other news, new home sales lowered to 569k in April (estimated 610k) compared with 642k in the previous month. Finally, the Richmond Federal Manufacturing Index dropped to 1 in May (forecasted 15) from 20 a month earlier.
Hence, as long as 0.9735 is not broken, look for another upside to 0.9790 and even to 0.9800 in extension.
Resistance levels: 0.9790, 0.9825, and 0.98555
Support levels: 0.9720, 0.9700, and 0.9665
On the economic data front, Markit U.S. Manufacturing PMI reached a preliminary estimate in May of 52.5 (estimated 53) from 52.8 in the previous month. Markit U.S. Services PMI grew in a preliminary forecast to 54 in May (expected at 53.3) compared with 53.1 in the prior month. In addition, Markit U.S. Composite PMI increased to 53.9 in a preliminary estimate in May from 53.2 in April. In other news, new home sales lowered to 569k in April (estimated 610k) compared with 642k in the previous month. Finally, the Richmond Federal Manufacturing Index dropped to 1 in May (forecasted 15) from 20 a month earlier.
Hence, as long as 0.9735 is not broken, look for another upside to 0.9790 and even to 0.9800 in extension.
Resistance levels: 0.9790, 0.9825, and 0.98555
Support levels: 0.9720, 0.9700, and 0.9665
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