FXstreet.com (Barcelona) - After falling around 75 pips in the European session from 1.1424 to reach 1.1349, fresh intra-week low, the USD/CHF has begun to rise to test 1.1400 level after the US GDP 1Q data releases. Currently the pair is trading around 1.1380/90, 0.45% decreases so far today from opening price at 1.1438.

The US annualized Gross Domestic Product has fallen 6.1% in the first quarter of the year, well below of 5.0% decreases expected bu market but better than 6.3% decreases posted in the previous quarter. GDP price index rises 2.9% in the first quarter from 0.5% posted in the last quarter of 2008. Expectations were 1.8% increases.

According to Valeria Bednarik, FXstreet.com collaborator, pair rebounded as expected: Again the pair rebounded at the strong 1.1350 zone as expected. Indicators are losing the oversold state in the hourly, and the pair points for further upside correction, with a first resistance around 1.1410, where we have the 20 SMA with a clear downside slope. Pair needs to regain 1.1440 to confirm further rises in the next hours.

Bednarik provides us with her levels: Support levels: 1.1350 1.1320 1.1280. Resistance levels: 1.1407 1.1440 1.1496.

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