The coronavirus pandemic could lead to a deep recession in Switzerland. Until the end of the year, the Confederation will see a sharp decline in GDP, especially in the second quarter.  In 2020 - due to the pandemic - Swiss GDP may fall by 5.5%. This is the conclusion reached by experts from the Center for Economic Studies (KOF) at the ETH Zurich. For comparison, the KOF previously predicted an annual growth rate of 0.3%. The Swiss GDP will settle most of all in the second quarter. KOF analysts do not rule out a decline of "almost 10%". Quarantine restrictions hit the profit of Swiss companies, especially - in the service sector. The coronavirus pandemic will also have a negative impact on the Swiss labor market. KOF estimates that the unemployment rate in Switzerland will reach 4.7% by the end of the year. In comparison, the figure for 2019 was 2.3%.

USD/CHF, 30 min

Pivot: 0.9712

Analysis:

Provided that the currency pair is traded above 0.9705, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 0.9712
• Take Profit 1: 0.9730
• Take Profit 2: 0.9745

Alternative scenario: 

In case of breakdown of the level 0.9705, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 0.9705
• Take Profit 1: 0.9690
• Take Profit 2: 0.9670

Comment:

RSI shows the possibility of an uptrend momentum. 

Key levels:

USD/CHF, D1

Pivot: 0.9714

Analysis:

While the price is above 0.9590, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 0.9714
• Take Profit 1: 0.9795
• Take Profit 2: 0.9900

Alternative scenario:

If the level 0.9590 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 0.9590
• Take Profit 1: 0.9500
• Take Profit 2: 0.9375

Comment:

RSI shows an uptrend in the medium term

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

EUR/USD – sell below 1.0910 with 1.0870 and 1.0855 as Take Profit targets. Alternative scenario - if the level of 1.0910 is broken-out, you should consider buying with the targets 1.0930 and 1.0945 as Take Profit.
GBP/USD - long positions above 1.2160 with 1.2195 and 1.2210 targets as Take Profit. Alternative scenario - if the level of 1.2160 is broken-down, sell with the targets 1.2140 and 1.2120 as Take Profit.
EUR/GBP - sell below 0.8966 with 0.8903 and 0.8885 targets as Take Profit. Alternative scenario - if the level 0.8966 is broken-down, buy with the TP 0.8996 and 0.9014.