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Dollar Dives Amidst Political and Technical Pressures
USDCHF trades higher after upbeat US PMI data. It hits an high of 0.82876 and is currently trading around 0.82779. Intraday bias appears to be bullish as long as the support 0.8190 holds.
In April 2025, S&P Global Flash US Manufacturing PMI increased to 50.7, the fourth month of expansion in a row, supported by increasing domestic demand and output growth, suggesting that despite falling export orders due to tariffs, the sector was continuing to improve. Meanwhile, the US Services PMI fell sharply to 51.4, the second-lowest in a year, due to weakening new orders amid client hesitation and an uncertain economic environment. Both sectors experienced a rise in input prices, with manufacturing registering the fastest speed of acceleration since August 2022, leading to higher output prices, while service firms trimmed on hiring. Confidence in manufacturing and service businesses eased, led by concern about rising costs, supply, and economic policy uncertainty.
Technical Analysis Points to Further Upside
The pair is trading above the 34-EMA and 55-EMA on the 4-hour chart indicates a minor up trend. The immediate resistance is at 0.8300 any break above targets 0.8325/0.8380/0.8500.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8180, any violation below will drag the pair to 0.8135/0.8090/0.8000.
Bullish Indicators
CCI (50) - Bullish
Directional movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.8230 with a stop-loss at 0.8180 for a TP of 0.8500.
