USD/CHF gains ground above 0.9100, US PCE data looms

Source Fxstreet
Apr 26, 2024 06:46
  • USD/CHF trades in positive territory near 0.9130 on Friday. 
  • The US economy expanded at the slowest pace in two years, below the consensus. 
  • The escalating Middle East tensions might boost the safe-haven CHF. 

The USD/CHF pair trades on a stronger note around 0.9130 during the early European session on Friday. The modest rebound of the US Dollar (USD) provides some support to the pair. Traders prefer to wait on the sideline ahead of the Swiss National Bank’s (SNB) Chairman Jordan speech, followed by the final reading of the US March Personal Consumption Expenditures Price Index (PCE) on Friday. 

The US advance estimate of Gross Domestic Product (GDP) number grew far less than estimated in the first quarter of 2024, according to the Bureau of Economic Analysis on Thursday. The US economy grew at an annualized pace of 1.6% during the period, missing the expectation of 2.5% growth and coming in lower than fourth quarter GDP, which was revised up to 3.4%. The Greenback attracted some sellers after the data was released. 

Nonetheless, a surprising upside in the quarterly Personal Consumption Expenditure (PCE) inflation measure suggested that the US Federal Reserve (Fed) would not cut interest rates before September. The PCE figure rose at an annualized rate of 3.4% in Q1, compared to the 1.8% pace recorded in Q4 2023. The recent inflation data dampened the hope for June rate cuts, and investors forecast one cut this year, down from three cuts just a few weeks ago. This, in turn, might cap the downside for the Greenback in the near term. 

On the Swiss front, Switzerland’s ZEW Survey Expectations rose to 17.6 in April from the previous reading of 11.5, the Centre for European Economic Research revealed on Wednesday. Furthermore, the rising geopolitical tensions in the Middle East, particularly in Israel and Iran, might boost safe-haven asset flows, benefiting the Swiss Franc (CHF). 

USD/CHF

Overview
Today last price 0.9125
Today Daily Change 0.0003
Today Daily Change % 0.03
Today daily open 0.9122
 
Trends
Daily SMA20 0.9088
Daily SMA50 0.8948
Daily SMA100 0.8788
Daily SMA200 0.8844
 
Levels
Previous Daily High 0.9157
Previous Daily Low 0.9118
Previous Weekly High 0.9152
Previous Weekly Low 0.9012
Previous Monthly High 0.9072
Previous Monthly Low 0.873
Daily Fibonacci 38.2% 0.9133
Daily Fibonacci 61.8% 0.9142
Daily Pivot Point S1 0.9108
Daily Pivot Point S2 0.9093
Daily Pivot Point S3 0.9068
Daily Pivot Point R1 0.9147
Daily Pivot Point R2 0.9172
Daily Pivot Point R3 0.9187

 


 

 

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