SWITZERLAND: USDCHF Extends Renewed Weakness Following Test of Pivot Resistance
May-02 10:04
- Alongside the Australian dollar, the Swiss Franc is among the best performers in G10 early Friday as the resumption of dollar weakness extends. We noted late yesterday that the USDCHF session highs once again coincided with the 2023 breakdown point at 0.8333, a level that was also tested on April 25. Furthermore, the 20-day EMA also intersected at this level, bolstering the short-term significance.
- This dynamic will have helped CHF outperform on Friday as we approach the US employment report, also notable with EURCHF slipping back below 0.9350 in recent trade, fresh weekly lows for the cross.
- On the local docket, it is worth noting we have Swiss CPI data on Monday, as well as appearances from both Schlegel and Tschudin early next week.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US: SOFR FIX - 02/04/25
Apr-02 10:01
SOFR FIX - Source BBG/CME
- 1M 4.31930 0.00034
- 3M 4.27734 -0.00364
- 6M 4.16448 -0.00244
- 12M 3.95120 -0.00869
EQUITIES: Estoxx Call buyer
Apr-02 09:55
SX5E (17th Apr) 5600c, bought for 4.5 in 6.5k.
GBP: GBP/USD Breaches S/T Resistance to Trade New Daily Highs
Apr-02 09:54
GBP/USD bumped to new daily highs as the modest background USD weakness continues into the NY crossover. This latest strength puts spot through yesterday's highs with range of NY highs on Monday at 1.2959, with a slight pick-up in volumes supporting the step higher, although total activity on the day remains subdued relative to the average you'd expect to see for this time of day.
- The 15 minute candle chart shows downtrendline resistance drawn off 1.2941 has been broken, helping pressure EUR/GBP to 50-dma support of 0.8346.
