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Forex: USD/CHF testing session highs at 0.9300 after Swiss PMI

FXstreet.com (Barcelona) - The USD/CHF moved higher Thursday ahead of the vaunted action out of the ECB later this afternoon during European trading. In these moments the cross is now trading near session highs, which also is testing the 0.9300 barrier. At this level, the pair has notched a solid advance of +0.18%.

Briefing the technical levels, the Mataf.net analyst team identifies the next short-term resistances for the USD/CHF at 0.9305, then 0.9338, and finally 0.9367. Alternatively, a paring of gains will result in a testing of resistances at 0.9243, onto 0.9213, and finally 0.9181.

In Switzerland, the SVME – Purchasing Managers Index (April) recorded a figure of 50.2, compared with a projection of 49.0. Tantamount to the cross is the highly anticipated ECB rate decision later today at 11:45 GMT, which will no doubt move exchange markets.

Switzerland: SVME – PMI returns to expansion in April

The Swiss SVME – Purchasing Managers' Index returned to expansion rising to 50.2 points in April, from 48.3 points in March, the Schweizerischer Verband für Materialwirtschaft und Einkauf reported on Thursday. Market experts projected an increase only to 49 points.
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Forex Flash: EUR/USD conflicting signals could lead to a break above 1.3225/45 – Commerzbank

As the EUR/USD is pushes hard into some hefty resistance at 1.3225/45 50% retracement and the top of the cloud, Commerzbank analysts warn that this is indicated to be the end of the move, “however a break back below the short term uptrend at 1.3046 is needed to confirm”. “Further upside probes remain viable while we continue to hold above here. The recent rally felt quite directional and the intraday charts are giving conflicting signals - .should 1.3225/45 be eroded this would introduce scope to 1.3340, the 61.8% retracement of the move seen this year”, wrote analyst Karen Jones, adding that a slide back below 1.3046 is needed to alleviate immediate upside pressure for a drop to 1.2964/54 (24th April low and the 200 day ma), while failure here will concentrate efforts on to 1.2839, the 78.6% retracement of the move up in April then the 1.2740 recent low.
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