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Forex: USD/CHF trading at 0.9918 after data in the US

By FXstreet.com,  July 24, 2012, 09:51:00 AM EDT

FXstreet.com (Barcelona) - The greenback's rise against the Swiss Franc has been slowed by the release of subpar data in the United States Tuesday: Results for the Markit Manufacturing PMI came in at only 51.8 against consensus estimates of 52.0, vs. 52.5 in the previous month.

According to the technical analyst team at ICN.com, "Despite the slight bullish bias for the pair, we can see trading remains below 0.9950/0.9995 and that keeps the downside bias intact today affected by the bearish butterfly pattern."

In terms of technical levels, the exchange rate is up +0.08% in these moments, settling presently at 0.9918. The analyst team at ICN.com report that the next resistance levels are located in 0.9950, 0.9995, and ultimately 1.0030. Conversely, the pair will encounter means of support at 0.9880, 0.9835, and finally 0.9800.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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