Search ForexCrunch

   “¢   The Swiss Francs remains on the defensive and fails to gain any respite from a modest USD pullback.
   “¢   Even the prevalent cautious mood does little to hinder the up-move ahead of the US Q1 GDP report.

The USD/CHF pair caught some fresh bids on the last trading day of the week and has now moved within the striking distance of over 28-month tops.

The Swiss Franc has been one of the worst performing major currencies since the beginning of this month and already weaker sentiment deteriorated further after not so optimistic comments by the SNB Governing Board Chairman Thomas Jordan earlier today.  

Speaking at the General Meeting of Shareholders in Bern, Jordan reiterated the central bank’s readiness to intervene in the FX market while negative rates remain necessary and appropriate, which eventually exerted some fresh downward pressure on the Swiss Franc.

The pair regained traction and the intraday up-move seemed rather unaffected by a modest US Dollar pullback from the highest level since May 2017. Even the prevalent cautions mood, which tends to underpin the CHF’s relative safe-haven demand, did little to hinder the momentum.

Despite some renewed buying, the pair remains well within a broader trading range held over the past two trading session and await a fresh bullish breakout as investors now look forward to the important release of the US Q1 GDP report for some fresh impetus.

Technical levels to watch