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USDCHF : Extending Losses,Non Farm Payroll in Focus

USDCHF is trading within a downward sloping channel and might continue to decline until it find support from the falling support trend line of the channel. The pair got losses after the release of Chicago PMI Data. However strong Pending Home Sales data might provide some support to the pair. 

According to the data US pending home sales rose by 6.1% to an eight month high in May and beating the economist’s expectation for an increase by 1.4%. On the other hand the Chicago PMI declined to 62.6 in June compared to the economist’s expectation for a decrease to 63. Such mixed data doesn’t provide any clear picture of the economic growth so seems like investors are some waiting for Non-Farm Employment change data which is coming out on 3 June.

(USDCHF : 4 Hour Chart)

On the 4 Hour Chart, the pair continued its decline and the next support it will find is at .8881 or from the support trend line. The 50 day SMA crossed below the 200 day SMA also giving a bearish signal. The 50 day might also act as resistance for the pair after the pair rises.