USD/CHF trading sideways at 0.9470/74

FXstreet.com (Barcelona) - The USD/CHF has been trading sideways Wednesday during European trading, unable to budge following the release of economic data out of the EMU.

In the EMU, Markit Services PMI came in at 47.2 in May, missing expectations of 47.5. Moreover, the Markit PMI Composite recorded 47.7, matching its projections in May. Meanwhile in Germany, the Markit Services PMI yielded a figure of 49.7, vs. estimates calling for 49.8.


In recent moments, the pair has settled at 0.9470/74, notching a slight gain of +0.04% thus far during European trading. Mataf.net analysts have calculated the next short-term resistances at 0.9519, then 0.9553, and finally 0.9586. Alternatively, support lies below at 0.9452, ahead of 0.9419, and 0.9385.

According to the Technical Analyst Team at ICN.com, “The USD/CHF is currently trading below the second target of the bearish harmonic Butterfly Pattern, pushing it further to the downside towards testing resistance level of the descending channel. Prolonged stability below the second target at 0.9475 keeps the possibility of the bearish move during today’s session.”