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USD/CHF holding in negative territory at 0.9549/50

The USD/CHF has ben unable to find a way out of negative territory Monday, recently waning off the 0.9560 level following upbeat EMU data.

At the time of writing, the USD/CHF has now fallen to 0.9549/50, operating with a loss of -0.11% below its opening. In the EMU, Markit Manufacturing PMI (May) came in at 48.3, beating estimates of 47.8.

Given the recent debilitating performance of the pair, Mataf.net analysts point to the next level of supportive correction for the USD/CHF at 0.9506, then 0.9453, and finally 0.9393. On the ascension, resistive structures will trigger at 0.9619, onto 0.9679, and finally 0.9732.

According to the Technical Analyst Team at ICN.com, “This week’s trading opened above 50% correction of CD Leg of the bearish harmonic Butterfly Pattern, meanwhile the USD/CHF is stable below 38.2% correction, which is a significant according to the technical harmonic analysis residing at 0.9610 levels. Trading below 0.9610 will extend the downside move.”

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