Global macro overview for 31/05/2017:
The CB Consumer Confidence data decreased unexpectadly in May. Market participants expected the CB Consumer Confidence (a monthly survey of about 5,000 US households regarding their opinion of the economy) will rise again from the level of 119.4 points to 120.1 points, but it turned out the general mood of the US consumers decreased to 117.9 points. Moreover, April's reading was revised down to 119.4 from initially reported 120.1 points. In the details, we can read that the number of consumers saying business conditions were "good" fell to 29.4% from 30.8% in April, whereas the share of those saying business conditions were "bad" remained unchanged at 13.7%. The number of consumers expecting business conditions to improve over the next six months fell to 21.3% from 25.1% in April, whereas the share of those expecting more jobs to be created over the same period of time declined to 18.6% in May from 21.9% in the preceding month. In conclusion, the general mood among the US consumers deteriorated slightly on May, but it is worth to notice the CB Consumer Confidence index peaked to 17-year highs in March 2017, so this slight deterioration is nothing serious yet. The vast majority of US consumers remain optimistic that the economy will continue expanding into the summer months.
Let's now take a look at the USD/CHF technical picture on the daily time frame. Bulls have tested the technical resistance at the level of 0.9811 and were rejected, so now the price is heading towards the golden trend line support around the level of 0.9650. Please notice, that 50 DMA has crossed 200DMA around the level of 0.9950.
