USD/CHF recovers above 0.9600 ahead of US data

  • USD/CHF rebounds after falling to its lowest level in two months below 0.9600.
  • US Dollar Index erases majority of daily losses ahead of American session.
  • ISM Manufacturing PMI in the US is expected to improve to 43 in May.

The USD/CAD pair spent the second half of the previous week under bearish pressure and extended its slide on Monday to touch its lowest level since late March at 0.9579. However, the pair staged a rebound ahead of the American session and was last seen trading at 0.9612, where it was virtually unchanged on a daily basis.

With most major European markets closed in observance of Whit Monday, the USD's performance remains as the sole driver of USD/CHF's movements.

Focus shifts to US data, Wall Street

Last week, the US Dollar Index (DXY) lost 1.5% amid the upbeat market mood on easing coronavirus-related lockdown measures. Although the index continued to edge lower at the start of the new week, it recovered the majority of early losses as investors seem to be adopting a cautious mood ahead of key macroeconomic data releases. At the moment, the S&P 500 futures are flat on the day.

Moreover, the unrest that has spread across major cities in the US with mass protests and rioting could weigh on the sentiment and help greenback continue to find demand as a safe-haven.

At 1400 GMT, the ISM will release its Manufacturing PMI data, which is expected to show that the contraction in the sector continued in May albeit at a softer pace. Ahead of this data, the DXY is down 0.1% on the day at 98.18.

Technical levels to watch for


Today last price 0.9613
Today Daily Change -0.0002
Today Daily Change % -0.02
Today daily open 0.9615
Daily SMA20 0.9698
Daily SMA50 0.9696
Daily SMA100 0.9684
Daily SMA200 0.9782
Previous Daily High 0.965
Previous Daily Low 0.9602
Previous Weekly High 0.9736
Previous Weekly Low 0.9602
Previous Monthly High 0.9784
Previous Monthly Low 0.9589
Daily Fibonacci 38.2% 0.962
Daily Fibonacci 61.8% 0.9632
Daily Pivot Point S1 0.9594
Daily Pivot Point S2 0.9574
Daily Pivot Point S3 0.9545
Daily Pivot Point R1 0.9643
Daily Pivot Point R2 0.9671
Daily Pivot Point R3 0.9692



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