The rate of USD to CHF has been quite bullish in 2024, climbing more than 5 cents and it continues to hold above 0.90. Yesterday the February unemployment rate was expected to remain unchanged at 2.2%, but it ticked higher to 2.3%, sending USD/CHF 50 pips higher.

USD/CHF Chart H4 – MAs Keeping the Price Bullish

Today USD/CHF gained momentum after the unemployment report, closing in on 0.9050 during European trading hours. However, the improvement in risk sentiment also added further weight to the decline. The calmer tones in geopolitical tensions decreased as a result of Israel’s decision to remove more troops from Southern Gaza, in response to increasing pressure from the international community sent Gold and the CHF down during the European session. So, there is was less reason to fear and the demand for the safe-haven Swiss Franc (CHF) declined, with peace negotiations between Israel and Hamas restarting in Egypt.

But in the US session, we heard Benjamin Netanyahu say that they will push further ahead in Gaza, which reversed the situation for safe havens as risk sentiment turned sour again. Gold returnd above $2,330 while USD/CHF returned above 0.90, reaching 0.9050 as Swiss Franc buyers returned.

Switzerland Unemployment Rate

• Swiss unemployment rate unadjusted 2.4% vs 2.4 expected
• Swiss unemployment rate adjusted 2.3% vs 2.2% expected

Yesterday the employment report showed that the seasonally unadjusted Swiss Unemployment Rate increased slightly in March, rising by 0.1% compared to the previous month. However, without seasonal adjustment, the unemployment rate remained unchanged at 2.4% from the previous month. This indicates a stable labor market situation in Switzerland, with no significant changes in unemployment levels when accounting for seasonal variations.

USD/CHF Live Chart