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USD/CHF establishing fresh lows at 0.9702/11

FXstreet.com (Barcelona) - The USD/CHF has certainly shifted gears today, capping the upside at 0.9818 (daily high), in what has now been a retracement downwards across European trading back to session lows at 0.9702/11.

According to the ICN.com technical analyst team, “The USD/CHF touched around PRZ of the bearish harmonic Butterfly Pattern then rebounded to the downside which might trigger a downside correction today, which remains valid by stabilizing below 0.9865. We prefer to see the pair stable below 0.9770 levels to increase the possibility of a bearish correction.”

Presently, the pair has found itself settling in negative territory, down -0.74% off its opening. Consistent with the calculations of the Mataf.net analyst team, the USD/CHF will look to eventually test support levels at 0.9717, ahead of 0.9618, and finally 0.9558. Alternatively, a paring of recent losses will drive the pair towards resistances at 0.9876, then 0.9936, onto 1.0035.

In Germany, the Markit Manufacturing PMI (May) came in at 49.0, compared with a projection of 48.5. Moreover, Markit Services PMI was reported at 49.8 in May, vs. a consensus of 50.0.

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