Forex: USD/CHF eases after Swiss and Euro PMIs

FXstreet.com (Barcelona) - Following the publication of Switzerland SVME PMI, the USD/CHF started to take profits from today’s rise back towards 0.9300. The pair went as high as 0.9296 and has eased to 0.9280, so far, as the European economic calendar gives away new updates. The Swiss PMI surprised investors by rising above the 50.0 threshold, from 48.3 to 50.3 in April, beating 49.0 consensus.

The EMU PMI dropped slightly from 46.8 to 46.7, but analysts were expecting 46.5. The German figure eased from 49.0 to 48.3, instead of 47.9. The Italian number rose from 44.5 to 45.5, above 44.8 expected. The Spanish PMI came in higher, from 44.2 to 44.7 in April, beating 44.5 consensus. The Greek manufacturing figure rose from 42.1 to 45.

The USD/CHF closed six days in a row in “red”, falling from 0.9499 high on April 24 and is bouncing today from the 0.9250 support reached yesterday. Mataf.net analysts point to resistance at 0.9290, 0.9310 and 0.9350. On the downside, supports might be found at 0.9265, 0.9245 and 0.9205.