- The Swiss franc is among the worst performing G10 currencies.
- US data surprise to the upside with Markit’s PMI and ISM’s PMI.
USD / CHF is rising for the sixth day consecutive trading on Monday. Recently has moved above 0.9200 for the first time since early September. The US dollar is still strong against European currencies ahead of the US elections and amid wariness in financial markets.
After hitting its highest level in a month at 0.9203, USD / CHF pulled back modestly and is trading, at time of writing, at 0.9193, up 23 pips on the day. The Swiss franc is also falling against the pound and the euro on Monday.
The US dollar is showing mixed results, with moderate gains against its main European rivals and the yen, but is retreating against currencies linked to commodity prices.
US economic data beat expectations with the positive surprise from the ISM manufacturing PMI with the highest reading since September 2018 at 59.3 in October. The numbers had no impact on the dollar. Market participants trade cautiously ahead of the US elections, the FOMC meeting, and the NFP Nonfarm Payroll Report.
From a technical perspective, USD / CHF has a bullish bias in the short term. The pair has two strong resistances ahead, at the 0.9200 area and at the 100-day moving average at 0.9215. The earlier consolidation would point to more earnings. On the other hand, now 0.9155 is the immediate support followed by the 0.9120 zone, close to the 20 and 55 day moving averages.
Credits: Forex Street
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