USD/CHF is currently hovering between the corrective structure of 0.9950 to 1.0068. Today is quite an important day for USD as Flash Manufacturing PMI report is due later, which is expected to be at 53.9 which previously was at 53.3, Flash Services PMI is expected to be at 53.7 which previously was at 52.8, Existing Home Sales report is expected to show a rise to 5.61M which previously was at 5.48M. Besides, FOMC Member Kashkari is going to speak today about a timing of rate hikes and further monetary policy. Higher volatility is likely to hit the market during these economic events. On the CHF side, we did not have any economic events throughout the week. Currently USD economic reports are the only factors to determine the pair’s dynamic fundamentally.
Now let us look at the technical picture. Yesterday, the price has rejected the bears off the level 0.9950. Currently, the pair is trading under bullish pressure. As the corrective structure is playing rules, we await the price to hit the nearest resistance of 1.0068 in the coming days. Unless the price breaks below 0.9950 with a daily close, the pair will follow the bullish bias.
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