Global macro overview for 06/04/2017:
The US ISM Non-Manufacturing index declined to 55.2 points from 57.6 points in the previous month which was below market expectations of 57.0 points and the lowest reading for five months. Only three from eighteen industries reported a decline in March: professional, scientific and technical services. The Business Activity Index decreased to 58.9 points from 63.6 points previously and new orders slowed to 58.9 points from 61.2 points in February while order backlogs declined slightly to 53.0 points from 54.0 points previously. Export orders rose to 62.5 points for March from 57.0 points previously. The biggest decline was reported by employment reading that felt from 55.2 points to 51.6 points and was the weakest reading since August 2016. In conclusion, the ISM Index was slightly worse than expected, especially in employment reading. This data come just before the NFP Payrolls data release that is scheduled for tomorrow, so it will be interesting to see whether the ISM data have confirmation in NFP data (yesterday's ADP data easily beat the market expectations).
Let's now take a look at the USD/CHF technical picture at the H4 time frame. The bulls have managed to break out above the important resistance zone between the levels of 1.0009 - 1.0027 and now this zone will act as a support. Nevertheless, the market conditions look overbought, so some corrective cycle towards the support at the level of 1.0033 is expected for now. The next resistance is seen at the levels of 1.0079 and 1.0107.
from www.instaforex.com
