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Non-manufacturing Index Providing Support to US Dollar

(USDCHF : 4 Hour Chart)

USDCHF is giving a bullish signal on the 4 hour chart. .8988 seems to be key resistance for the pair whereas there is a rising support trend line also from which the pair is experiencing support. According to the trend the pair should break the resistance trend line and continue to follow the uptrend. As there is correlation between EURUSD and USDCHF, there are chances that USDCHF is going to break this key resistance as EURUSD is going to move down if the central bank (ECB) decides to ease further.

 USDCHF also got little strength after the release of ISM Non-Manufacturing PMI which showed that the index rose to 56.3% in May from 55.2% in April. This shows continuous growth in Non-manufacturing sector and is the highest reading since August 2013. Economists were expecting the index to rise to 56.3.