US Dollar is slowly moving higher against the Swiss Franc and looks set for a break in the near term.
There is a bullish trend line formed on the hourly chart, which might act as a catalyst.
Chinese official non-manufacturing PMI, released by China Federation of Logistics and Purchasing (CFLP) posted a reading of 53.4 in September, unchanged from the last reading.
USDCHF Technical AnalysisThe US Dollar after trading close to the 0.9680 support area against the Swiss Franc managed to recover some ground. There was an upside move noted, and there is a bullish trend line formed on the hourly chart, acting as a catalyst for more gains.However, there is also a bearish sign to note, as the USDCHF pair is below the 100 and 200 hourly simple moving averages. So, if the pair breaks the trend line and support area then we might witness a move lower may be towards the 61.8% Fib retracement level of the last leg from the 0.9686 low.On the upside, buyers need to take the pair above the 100 MA. If they manage to do so, then more gains are possible in the near term.Chinese Non-Manufacturing PMIEarlier during the Asian session, China saw a couple of important economic releases. First, the official non-manufacturing PMI, which is based on a survey of about 1,200 companies covering 27 industries including construction, transport and telecommunications was reported by China Federation of Logistics and Purchasing (CFLP). The outcome was in line with the forecast, as the official non-manufacturing PMI came at 53.4 in September 2015, unchanged from the last reading.The second one was the NBS Manufacturing PMI. The forecast was lined up for a decrease from the last reading of 49.7 to 49.6 in September 2015. However, the outcome was a positive one, as the NBS Manufacturing PMI increased to 49.8, but it was still below the neutral level of 50.0. The third in line was the Caixin China Services PMI™, released by Markit Economics. The forecast was lined up for a decrease from the last reading of 51.5 to 51.2 in September 2015. However, the outcome was lower as the decrease was more than expected and came in at 50.5. The Caixin China Manufacturing PMI increased from 47.0 to 47.2.
However, there is also a bearish sign to note, as the USDCHF pair is below the 100 and 200 hourly simple moving averages. So, if the pair breaks the trend line and support area then we might witness a move lower may be towards the 61.8% Fib retracement level of the last leg from the 0.9686 low.On the upside, buyers need to take the pair above the 100 MA. If they manage to do so, then more gains are possible in the near term.Chinese Non-Manufacturing PMIEarlier during the Asian session, China saw a couple of important economic releases. First, the official non-manufacturing PMI, which is based on a survey of about 1,200 companies covering 27 industries including construction, transport and telecommunications was reported by China Federation of Logistics and Purchasing (CFLP). The outcome was in line with the forecast, as the official non-manufacturing PMI came at 53.4 in September 2015, unchanged from the last reading.
The second one was the NBS Manufacturing PMI. The forecast was lined up for a decrease from the last reading of 49.7 to 49.6 in September 2015. However, the outcome was a positive one, as the NBS Manufacturing PMI increased to 49.8, but it was still below the neutral level of 50.0. The third in line was the Caixin China Services PMI™, released by Markit Economics. The forecast was lined up for a decrease from the last reading of 51.5 to 51.2 in September 2015. However, the outcome was lower as the decrease was more than expected and came in at 50.5. The Caixin China Manufacturing PMI increased from 47.0 to 47.2.
However, there is also a bearish sign to note, as the USDCHF pair is below the 100 and 200 hourly simple moving averages. So, if the pair breaks the trend line and support area then we might witness a move lower may be towards the 61.8% Fib retracement level of the last leg from the 0.9686 low.On the upside, buyers need to take the pair above the 100 MA. If they manage to do so, then more gains are possible in the near term.Chinese Non-Manufacturing PMIEarlier during the Asian session, China saw a couple of important economic releases. First, the official non-manufacturing PMI, which is based on a survey of about 1,200 companies covering 27 industries including construction, transport and telecommunications was reported by China Federation of Logistics and Purchasing (CFLP). The outcome was in line with the forecast, as the official non-manufacturing PMI came at 53.4 in September 2015, unchanged from the last reading.
The second one was the NBS Manufacturing PMI. The forecast was lined up for a decrease from the last reading of 49.7 to 49.6 in September 2015. However, the outcome was a positive one, as the NBS Manufacturing PMI increased to 49.8, but it was still below the neutral level of 50.0. The third in line was the Caixin China Services PMI™, released by Markit Economics. The forecast was lined up for a decrease from the last reading of 51.5 to 51.2 in September 2015. However, the outcome was lower as the decrease was more than expected and came in at 50.5. The Caixin China Manufacturing PMI increased from 47.0 to 47.2.