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"It's [U.S. manufacturing PMI] a disappointing number that can bring the Fed a step closer to offering more support to the U.S. economy"
- Western Union Business Solutions (based on CNBC)
Pair's Outlook
USD/CHF failed to push through and close below an uptrend support line at 0.9562/49 and thus it has delayed attainment of 0.9429/0.9397, where bulls are expected to take over and reverse current downward tendency. Additional support is situated at 0.9489/74, though it will play a minor role in determining behaviour of the currency pair.
Traders' Sentiment
Being that the Swiss Franc is the least preferred currency in SWFX marketplace, 73% of opened trades on USD/CHF are long, implying elevated conviction of the market the price of the Dollar is going to increase, though the fact that the pair is overbought may also mean shortage of bullish impetus in near future.
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