

Market Analysis
The USD/CHF pair encountered selling pressure around 0.9102 during early European trading on Thursday. This came as the Swiss Franc (CHF) strengthened following Switzerland's Q1 2024 Gross Domestic Product (GDP) report, which exceeded expectations. The Swiss economy expanded by 0.5% quarter-on-quarter (QoQ), surpassing both estimates and the previous growth of 0.3%. Year-on-year (YoY), GDP growth reached 0.6% in Q1, higher than the anticipated 0.5%. These upbeat figures bolstered the CHF and pushed USD/CHF to its lowest levels of the week, down 0.32% on the day.
Meanwhile, Switzerland reported a trade surplus of $4,316 million in April, up from $3,767 million in March, according to the Federal Office for Customs and Border Security (FOCBS).
Geopolitical tensions in the Middle East, particularly Israel's control of the Philadelphi Corridor, a crucial buffer zone, supported safe-haven assets like the CHF.
On the USD front, hawkish comments from Federal Reserve officials and strong US economic data have fueled expectations that the Fed may postpone interest rate cuts this year. Fed Atlanta President Bostic expressed optimism about easing price pressures over the next year but noted ongoing challenges in stabilizing inflation. Markets are now pricing in a 50% chance of the Fed maintaining rates in September, a factor that could support the Greenback and limit downside risks for USD/CHF. Attention now turns to the upcoming second estimate of US GDP for Q1 2024, expected to show a 1.3% expansion.
OVERVIEW | |
---|---|
Today last price | 0.9104 |
Today Daily Change | -0.0028 |
Today Daily Change % | -0.31 |
Today daily open | 0.9132 |
TRENDS | |
---|---|
Daily SMA20 | 0.9095 |
Daily SMA50 | 0.9086 |
Daily SMA100 | 0.8915 |
Daily SMA200 | 0.8888 |
LEVELS | |
---|---|
Previous Daily High | 0.9144 |
Previous Daily Low | 0.9113 |
Previous Weekly High | 0.9158 |
Previous Weekly Low | 0.9079 |
Previous Monthly High | 0.9195 |
Previous Monthly Low | 0.8998 |
Daily Fibonacci 38.2% | 0.9132 |
Daily Fibonacci 61.8% | 0.9125 |
Daily Pivot Point S1 | 0.9115 |
Daily Pivot Point S2 | 0.9099 |
Daily Pivot Point S3 | 0.9085 |
Daily Pivot Point R1 | 0.9146 |
Daily Pivot Point R2 | 0.916 |
Daily Pivot Point R3 | 0.9177 |
Paraphrasing text from "FX Street" all rights reserved by the original author.