USD/CHF – Technical Analysis for US Binary Options Brokers
United States – Institute for Supply Management (ISM) Manufacturing PMI
Tomorrow, at GMT 2:00 p.m., the Institute for Supply Management will release its manufacturing PMI figure for the United States. The ISM’s US manufacturing PMI measures the level of a diffusion index based on a survey of 400 purchasing managers.
Purchasing managers in the United States are involved in the supply side of the economy. As most companies reduce their expenses and production based on their sales forecast, the survey of purchasing managers reveals the overall optimism of various companies in the country. Hence, US binary options traders can easily figure out the sentiment regarding the economic condition in the country from the ISM manufacturing PMI readings.
Last month, the ISM manufacturing PMI for the United States came out at 57.8 and the forecast for this month is set at 56.4.
Switzerland – Retail Sales
On Wednesday, at GMT 7:15 a.m., the Swiss Federal Statistical Office released the year-over-year retail sales figure, which measures the change in the total value of sales made by the retail sector in the country. However, this figure is adjusted for inflation in order to offer an accurate overview.
binary options investors consider the Swiss retail sales figure to be one of the main gauges of consumer confidence, which makes up the majority of the overall economic activity in Switzerland. Since consumer spending is directly correlated with consumer confidence, it can signal future economic activity as well.
Last month, the value of Swiss retail sales decreased by -0.3% and the forecast for this month is set at an increase of 1.3%.
Since May 11, the USD/CHF remained bearish and the price fell by around 650 pips over the last three months. However, the USD/CHF found a strong support around 0.9440 last week and started a bullish retracement move, which later broke above the downtrend line. Currently, the USD/CHF is gradually approaching the resistance near 0.9735 level.
Although the Swiss retail sales figure is expected to increase by 1.3% this week, we believe the current USD/CHF bullish momentum is too strong and it would likely to reach the 0.9735 level. In that case, if the USD/CHF breaks and closes above the 0.9735 level, it would likely find additional bullish momentum in the market.
Hence, US binary options traders should look out for trading opportunities above this major resistance level around 0.9735.
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