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Market Analysis

USDCHF approaches 0.9100 as Swiss GDP exceeds expectations
Amos Simanungkalit · 3.4K Views

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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.

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