USD/CHF holds below 0.9150, US GDP data looms

Source Fxstreet
Apr 25, 2024 05:19
  • USD/CHF drifts lower to 0.9145 on the softer US Dollar on Thursday. 
  • The hawkish tone of the US Fed has lifted the USD, creating a tailwind for the pair. 
  • Switzerland’s ZEW Survey Expectations rose to 17.6 in April, compared to 11.5 prior.

The USD/CHF pair trades on a weaker note near 0.9145 during the early European session on Thursday. Traders seem to prefer to wait on the sidelines ahead of the release of the US preliminary Gross Domestic Product (GDP) Annualized for the first quarter (Q1) later in the day. In the meantime, any development surrounding escalating tensions in the Middle East might boost safe-haven assets like the Swiss Franc (CHF). 

The US Federal Reserve's (Fed) policymakers agreed with the central bank’s position to remain on hold. The hawkish tone of the Fed has provided some support to the Greenback in recent weeks. However, investors have doubts about exactly when monetary policy easing will come. The US GDP growth number might offer some hints about how the US economy performs in Q1 of 2024. 

The first estimated US GDP growth number is estimated to grow at a 2.5% annualized pace during the first quarter, compared to the previous reading of 3.4%. In case the report shows stronger-than-expected data, this might trigger speculation that the US Fed will delay the rate cut cycle, which might lift the US Dollar (USD). 

On Wednesday, data released from the Centre for European Economic Research showed that Switzerland’s ZEW Survey Expectations improved to 17.6 in April compared to 11.5 in the previous reading. Apart from this, the ongoing geopolitical tensions in the Middle East might lift the CHF, a traditional safe-haven currency, and drag the USD/CHF lower. 

USD/CHF

Overview
Today last price 0.9143
Today Daily Change -0.0008
Today Daily Change % -0.09
Today daily open 0.9151
 
Trends
Daily SMA20 0.9083
Daily SMA50 0.8942
Daily SMA100 0.8784
Daily SMA200 0.8842
 
Levels
Previous Daily High 0.9153
Previous Daily Low 0.9114
Previous Weekly High 0.9152
Previous Weekly Low 0.9012
Previous Monthly High 0.9072
Previous Monthly Low 0.873
Daily Fibonacci 38.2% 0.9138
Daily Fibonacci 61.8% 0.9129
Daily Pivot Point S1 0.9125
Daily Pivot Point S2 0.91
Daily Pivot Point S3 0.9086
Daily Pivot Point R1 0.9165
Daily Pivot Point R2 0.9178
Daily Pivot Point R3 0.9204

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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