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Forex: USD/CHF bounces sharply to session highs at 0.9390/92

FXstreet.com (Barcelona) - The USD/CHF has bounced sharply off its lows at the 0.9327 level, following the release of economic data in Germany and the EMU. The move rocketed the pair into positive territory, erasing its daily losses in an instant. At the time of writing, the cross is now steadfastly rising at session highs at 0.9390/92.

In Germany, Markit Manufacturing PMI (April) yielded a figure of only 47.9, missing estimates of 49.0. Moreover, Markit Services PMI (April) came in at 49.2, relative to expectations of 51.0. Meanwhile, in the EMU, Markit Manufacturing PMI (April) was reported at 46.5 vs. a projection of 46.8. The Markit PMI Composite has also yielded 46.5 in April, matching a consensus of 46.5.

Following the movement above resistance at 0.9376, Mataf.net analysts point to resistances at 0.9401, onto 0.9432. On the decline, a break below 0.9320 will enable short-term supports at 0.9289, and finally 0.9264.

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EMU: Flash PMI Manufacturing declines against expectations in April

Preliminary Eurozone PMI Manufacturing decreased to 46.5 points in April, from 46.8 points in March, according to data released today by Markit. Analysts expected the indicator to remain at 46.5 points.
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