USD/CHF Remains Tepid Near 0.9050 Amid Dovish Sentiment Surrounding The Fed

 hovers around 0.9060 with negative sentiment during the European session on Friday following the weak US labor data released on Thursday. This has initiated a discussion of the Federal Reserve (Fed) switching toward a less hawkish stance regarding the monetary policy, undermining the US Treasury yields and weakening the US Dollar (USD).The US Bureau of Labor Statistics (BLS) released data indicating that the number of individuals filing for unemployment benefits exceeded expectations. Initial  for the week ending May 3 rose to 231,000, surpassing estimates of 210,000 and showing an increase from the previous week’s reading of 209,000. (DXY), which gauges the performance of the US Dollar (USD) against six major currencies, hovers around 105.20 with 2-year and 10-year US Treasury yields standing at 4.81% and 4.44%, respectively, by the press time.On the Swiss front, the banks are closed on Friday due to the Ascension Day holiday. The yield on the 10-year Swiss government bond dropped below the 0.7% threshold, nearing a new monthly low, in line with a global decline in bond yields. The lower yields make Swiss assets less attractive to foreign investors, leading to a decrease in demand for the Swiss Franc.Earlier this week, the Swiss National Bank’s (SNB) foreign exchange reserves increased to CHF 720 billion in April from CHF 716 billion in the previous month. This marked the fifth consecutive rise since reaching a near seven-year low of CHF 642 billion in November. The  has shifted its focus away from intentionally bolstering the Swiss Franc (CHF), as the central bank has advanced its efforts against inflation.According to the State Secretariat for Economic Affairs on Tuesday, the seasonally adjusted Swiss Unemployment Rate declined to 2.3% month-on-month in April from 2.4% in March. This marks the lowest level in four months. USD/CHF

OVERVIEW Today last price 0.9063 Today Daily Change 0.0003 Today Daily Change % 0.03 Today daily open 0.906

 

TRENDS Daily SMA20 0.9114 Daily SMA50 0.9007 Daily SMA100 0.8829 Daily SMA200 0.8865

 

LEVELS Previous Daily High 0.9099 Previous Daily Low 0.9056 Previous Weekly High 0.9225 Previous Weekly Low 0.9006 Previous Monthly High 0.9195 Previous Monthly Low 0.8998 Daily Fibonacci 38.2% 0.9072 Daily Fibonacci 61.8% 0.9083 Daily Pivot Point S1 0.9044 Daily Pivot Point S2 0.9029 Daily Pivot Point S3 0.9001 Daily Pivot Point R1 0.9087 Daily Pivot Point R2 0.9114 Daily Pivot Point R3 0.913

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