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Forex: USD/CHF erases daily gains

FXstreet.com (Barcelona) - The greenback started stronger at the start of the week on suggestions that deposits over 100K in two Cyprus banks may be subject of more losses than the 30% tax previously thought. After printing a high at 0.9527, the USD/CHF eased back towards the 0.9500 handle and was able to breach below it on European session time, coming as low as 0.9488.

The economic calendar will welcome March manufacturing PMI data in the US, with market consensus pointing to a rise from 54.3 to 54.9 of the Markit indicator, and a slight drop of the ISM figure from 54.2 to 54.1. “The US manufacturing sector is continuing to enjoy a period of rebound as the bounce back in domestic economic growth momentum is pushing new orders and production activity close to their highest level in almost a year. This positive momentum should be sustained in April”, wrote TD Securities analyst Alvin Pontoh.

“We think today the price may complete the structure by reaching the target at of 0.9458, correct it towards the level of 0.9500, and then start forming another descending structure to reach the level of 0.9378”, wrote Roboforex.com analyst Igor Sayadov.

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