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USDCHF : Extending Gains After Upbeat Philly Fed Manufacturing Data

USDCHF is attempting to cross the 50 day SMA but the pair found resistance in previous attempts. On the 4 hour chart, the pair moved up from the support at .8779 crossing the 23.6 fib level after the better than expected initial jobless claims. Crossing this fib level the pair will find the next resistance from the 38.2 fib level. The upbeat Philly fed manufacturing data added gains to the pair. 

According to the Business Outlook survey the manufacturing activity in the region increased in April. The broadest measure of manufacturing conditions, the diffusion index of current activity increased from a reading of 9 in March to 16.6 in April, highest since last September. Indicators suggest slightly improved labor market this month. Economists were expecting the index to increase to 9.6.

This time the pair have crossed the 50 day SMA so we can infer that the bullish trend exist but for the short term.