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01.06.2020

USD/CHF: technical analysis

On the 4-hour chart, a downtrend is forming. The instrument is decreasing along the lower border of Bollinger bands, the indicator cloud is expanding, it is likely that the downward trend will remain in the short term. The MACD histogram is in the negative region, gradually increasing volumes, the signal line crosses the histogram body downwards, forming a signal to open short positions. Stochastic is on the border with the oversold zone, the oscillator lines are reversing downwards.

Manufacturing PMI. UK, 10:30 (GMT+2)

The UK Manufacturing PMI for May is due at 10:30 (GMT+2). The indicator is compiled from the enterprises responses about their purchasing activities and supply situations. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. It is expected that the indicator will increase from 40.6 to 40.7 points, which can support the pound.

Manufacturing PMI. EU, 10:00 (GMT+2)

The euro area's Manufacturing PMI for May is due at 10:00 (GMT+2). The indicator is compiled from the enterprises responses about their purchasing activities and supply situations. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. According to forecasts, the indicator will remain at the same level of 39.5 points.

Manufacturing PMI. Germany, 09:55 (GMT+2)

Manufacturing PMI data for May in Germany will be published at 09:55 (GMT+2). The indicator is compiled from the enterprises responses about their purchasing activities and supply situations. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. According to forecasts, the indicator will remain at the same level of 36.8 points.

EUR/USD: wave analysis

The pair may grow.

On the 4-hour chart, a downward correction of the higher level developed as the wave (2), and the formation of the wave (3) began. Now, the first wave 1 of (3) is developing, within which the third wave of the lower level iii of 1 is forming. If the assumption is correct, the pair will grow to the levels of 1.1250–1.1490. In this scenario, critical stop loss level is 1.1008.