USD/CHF consolidated after last weeks down pressure

FXstreet.com (London) - The USD/CHF is consolidated in European open around the March high. The Elliott wave count on the daily charts are suggesting some more slippage before recovery.

Karen Jones at Commerzbank said ‘while we would allow for further slippage, we suspect that this will be slight and the slide will ideally terminate circa the 55 day ma at .9472for recovery’. The support after these March highs 0.9515/0.9495 with 0.9650 and 0.9650 before May high, 0.9840

This week holds fist full of market shifting data, which NFP’s will be closely monitored in the US affecting the pair. First up, today comes ISM Manufacturing at 15.00 hrs BST. Research teams at TD Securities explained that the Markets expect the ISM to slip from 50.7 to 50.5 while we expect a stronger reading of 51.3, and after the massive 9.7pt jump in the Chicago PMI on Friday (the largest M/M gain since 1983), we think that the risks lie toward an even larger upside surprise.