April 30, 2024 16:44 GMT
USDCHF Rises To Best Level Since October 2023
CHF
- The ongoing bid for the greenback has seen USDCHF (+0.81%) rise to a fresh cycle high on Tuesday, printing at 0.9185 in recent trade. Higher-than-expected US ECI data, has underpinned a strong USD bid throughout Tuesday’s session, prompting a further adjustment of fed pricing and an associated 0.58% rally for the USD index.
- Furthermore, downside pressure on equity markets has provided an additional tailwind for the greenback, with potential month-end dynamics also bolstering the supportive greenback tone.
- It’s worth highlighting that we have April Swiss CPI data on Thursday, an important data point given the Swiss Franc’s sensitivity to the March release amid the dovish stance of the SNB, who unexpectedly cut rates in March.
- USDCHF’s impressive rally across 2024 will continue to target the October 2023 highs, residing at 0.9244. For EURCHF, multiple highs just below 0.9850 have capped the topside so far and will remain the short-term point of interest.
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