USD/CHF has made a couple of decent attempts to turn bullish but remains bearish since reaching its highs in October 2022, with the pair being in one of these periods now. The price continues to make lower lows as shown on the daily chart, but since the beginning of this month, we have seen some steady bullish action.

Late last year we saw a strong retracement higher as buyers attempted to reverse the trend. However, this retracement ended at the 100-day Simple Moving Average (SMA) around 0.9450, represented by the green line on the daily chart. USD/CHF reversed and the decline resumed, pushing the price to 0.8820s which was the lowest point since January 2021.

After finding support at this bottom, the pair initiated a rally towards the 0.91 previous support. if buyers manage to push the price above this line and the 100 SMA, then they will resume control. Earlier today we had the Swiss Q1 GDP report, which came after the Q4 of last year showed stagnation, with the GDP at 0.0%.

Q1 GDP Report From Switzerland

• Switzerland Q1 GDP +0.3% vs +0.1% expected
• Q4 GDP was 0.0%
• GDP YoY +0.6% vs +0.6% expected
• Prior GDP YoY was +0.8%

The Swiss economy grew by more than expected in Q1, supported by domestic demand and rising exports mostly. Consumer spending increased by 0.6% on the quarter and the recovery in the travel sector has played a main part in that.

USD/CHF Live Chart