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USD/CHF plunges to 0.9556/58 on weak ISM in US

FXstreet.com (Barcelona) - The USD/CHF fell off a cliff Monday, plunging off the 0.9625 level (intraday high), on the heels of weak economic data in the United States.

In the United States, ISM Manufacturing PMI (May) was reported at 49.0, against estimates of 50.5. Moreover, the Construction Spending (MoM) has grown +0.4% in April, missing projections calling for +0.8%.

Amidst this decline, the USD/CHF is operating negatively at 0.9556/58 in these moments, down a slight -0.05%. Mataf.net analysts identify the next short-term supports at the 0.9506 handle, then 0.9453, and finally 0.9393. Alternatively, a paring of recent losses will eventually lead to resistances at the 0.9619 level, onto 0.9679, and finally 0.9732.

US: ISM Manufacturing PMI returns to contraction in May

The Institute for Supply Management data published on Monday showed that the US ISM Manufacturing PMI fell below the contraction level to 49 in May, from 50.7 in April. Market consensus pointed to a slower expansion at 50.5.
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