EUR/USD initially retreated from Asia's 5-day high of 0.8947 to an intraday low of 0.8885 after the euro zone's April PMI for the manufacturing sector dropped to 49.3 from 51.2 in March. But after finding bids attributed to a Swiss account, EUR/USD bounced back above 0.8900. Meanwhile, ECB Vice President Noyer said the ECB was keeping interest rates on hold, but this only confirmed most traders' suspicions.
In other news, ECB President Wim Duisenberg said the single currency has made the euro zone less vulnerable to economic disturbances elsewhere and that was a good reason for realistic optimism about economic growth in the area. The benefits will not be felt by just the euro area itself, it will be a source of stability for the world economy, he added.
USD/CHF recovered from Asia's 2-day low of 1.7240 to as high as 1.7348, while EUR/CHF traded quietly in an inside range. Neither reacted to a slightly stronger-than-expected 1.2% annual rise in Switzerland's March CPI.
The intraday outlook for EUR/USD is slightly bearish, as the pair remains capped by the 200-day moving average at 0.8947.

Support: 0.8885 (overnight low), 0.8848 (61.8% Fibonacci retracement level of the Nov. 27-Jan. 5 uptrend), 0.8790 (38.2% Fibonacci retracement level of the June-October downtrend), 0.8695 (April 18 low; 4-1/2-month low).
Resistance: 0.8933 (20-day moving average), 0.8947 (overnight high; 200-day moving average), 0.8963 (50% Fibonacci retracement level of the June-Oct. downtrend), 0.8979 (61.8% Fibonacci retracement level of the July 26-Oct. 26 downtrend), 0.9091 (April 5 peak), 0.9127 (March 21 peak), 0.9136 (61.8% Fibonacci retracement level of the June-October downtrend), 0.9382 (March 2 peak), 0.9446 (Feb. 1 high), 0.9504 (Jan. 19 high), 0.9595 (Jan. 5 high; 6-month high).