- US Dollar after climbing as high as 0.9834 against the Swiss Franc found sellers and started moving down.
- There is a bearish trend line formed on the 4-hours chart of the USDCHF pair, which is acting as a resistance.
- The Swiss Retail Sales conducted by the Swiss Federal Statistical Office posted a decline of 1.6% in June 2016, less than the last decline of 2.2%.
- The SVME Manufacturing Purchasing Managers Index (PMI posted a decline from 55.8 to 51.6 in June 2016.
The US Dollar may have made a top against the Swiss Franc, and could trade lower in the near term. There is a bearish trend line formed on the 4-hours chart of the USDCHF pair, which is acting as a hurdle for the upside move, and pushing the pair down.
The pair is currently finding bids near the 50% Fib retracement level of the last leg from the 0.9648 low to 0.9834 high, which is acting as a support.
A break below the stated fib level may take the pair towards the 50 hourly SMA.
Swiss Retail Sales
Today in Switzerland, the Retail Sales, which is a survey of goods sold in the last month and serves as an indicator of the Swiss consumer demand was published by the Swiss Federal Statistical Office. The outcome as mixed, as there was a decline of 1.6% in June 2016, which was less than the last decline of 2.2%.
The report added that the “Turnover in the retail sector fell by 2.3% in nominal terms in May 2016 compared with the previous year. This decline has been ongoing since January 2015. Seasonally adjusted, nominal turnover fell by 0.1% compared with the previous month. Real turnover in the retail sector also adjusted for sales days and holidays fell by 1.6% in May 2016 compared with the previous year“.
The Swiss Franc was seen gaining bids after the release, and it looks like it may trade further higher.