USDCHF Daily Forecast: May 02

The USDCHF attempted to push lower yesterday, bottomed at 0.9041 but further bearish pressure was rejected after a better than expected US ISM Manufacturing PMI number and hit 0.9093 earlier today. The bias is neutral in nearest term. Overall there are no changes in my technical outlook and no significant movement so far. I will keep stand aside for now. Price has been moving up and down with low volatility since Monday with only about 60 pips movement. Immediate resistance is seen around 0.9100 – 0.9130. A clear break above that area could trigger further bullish pressure testing 0.9170 – 0.9200. On the downside, a clear break below 0.9050 could trigger further bearish pressure testing 0.9000 and open the door for a retest of 0.8930.

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