USD/CHF is expected to trade with bullish bias above 0.9940. The pair posted a rebound from 0.9925 and broke above the 20-period and 50-period moving averages. In addition, the 20-period moving average crossed above the 50-period one. The relative strength index is mixed with bullish bias.
Speaking about economic reports from the US, the ISM Manufacturing Index fell to 54.8 in April (vs. 56.5 expected) from 57.2 in March. Personal consumption was unchanged in March after being also flat in February.
As long as 0.9940 holds on the downside, look for a new rise to 0.9970 and even to 0.9990 in extension.
Resistance levels: 0.9970, 0.9990, and 1.000
Support levels: 0.9925, 0.9910, and 0.9880
