- USD/CHF remains on the backfoot near 0.8450 amid weakness in the US Dollar.
- Investors await the US ADP Employment and ISM Services PMI for August.
- A further slowdown in Swiss inflation boosts expectations of SNB’s more rate cuts.
The USD/CHF pair exhibits a subdued performance near 0.8450 in Thursday’s European session. The Swiss Franc asset remains under pressure as the US Dollar (USD) extends its downside after weak United States (US) JOLTS Job Openings data for July raised red flags on current labor market conditions.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, slides further below 101.20.
Meanwhile, investors await the US ADP Employment and ISM Services PMI data for August to get fresh cues about the potential Federal Reserve (Fed) interest rate cut size this month. The Fed is widely anticipated to start reducing interest rates in the September meeting but traders remain split over the magnitude of the interest rate cut.
In the Swiss region, consistently easing inflationary pressures have prompted expectations that the Swiss National Bank (SNB) will soften its monetary policy for the third time in a row this month. The SNB has reduced its key borrowing rates by 50 basis points (bps) this year to 1.25%.
USD/CHF declines toward the horizontal support plotted from 28 December 2023 low of 0.8333 on a daily timeframe. The near-term and broader-term outlooks of the Swiss Franc asset remain bearish as all short-to-long-term Exponential Moving Averages (EMAs) are declining.
The 14-day Relative Strength Index (RSI) oscillates in the bearish range of 20.00-40.00, suggesting that a strong bearish momentum is intact.
More downside would appear if the asset breaks below August 5 low of 0.8432, which would drag the major towards the round-level support of 0.8400 and 28 December 2023 low of 0.8333.
On the flip side, a recovery move above the weekly high near 0.8540 will drive the asset toward the round-level resistance of 0.8600, followed by August 20 high of 0.8632.
USD/CHF daily chart
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.15% | -0.15% | -0.19% | 0.04% | 0.00% | -0.16% | -0.02% | |
EUR | 0.15% | 0.01% | -0.02% | 0.24% | 0.16% | 0.03% | 0.13% | |
GBP | 0.15% | -0.01% | -0.02% | 0.21% | 0.14% | 0.04% | 0.11% | |
JPY | 0.19% | 0.02% | 0.02% | 0.22% | 0.18% | 0.01% | 0.16% | |
CAD | -0.04% | -0.24% | -0.21% | -0.22% | -0.03% | -0.19% | -0.07% | |
AUD | -0.01% | -0.16% | -0.14% | -0.18% | 0.03% | -0.15% | -0.03% | |
NZD | 0.16% | -0.03% | -0.04% | -0.01% | 0.19% | 0.15% | 0.11% | |
CHF | 0.02% | -0.13% | -0.11% | -0.16% | 0.07% | 0.03% | -0.11% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
![EUR/USD: Two-day uptrend pauses near 50% Fibo., looks to US NFP for fresh impetus](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-9377516_XtraSmall.jpg)
EUR/USD: Two-day uptrend pauses near 50% Fibo., looks to US NFP for fresh impetus
EUR/USD advanced for the second consecutive session, surpassing the 1.1100 hurdle and climbing to multi-day highs following the bearish tone in the US Dollar amidst steady prudence ahead of the release of US Nonfarm Payrolls on Friday.
![GBP/USD takes a step higher as Greenback cools](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-1178148633_XtraSmall.jpg)
GBP/USD takes a step higher as Greenback cools
GBP/USD climbed for a second straight day on Thursday, setting up for a bullish recovery despite failing to recapture the 1.3200 level. Market sentiment held on the high side as a decline in new jobs growth kept hopes for an extended rate cut from the Federal Reserve (Fed) pinned to the ceiling.
![Gold price bulls turn cautious near $2,525 hurdle ahead of US NFP report](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/Gold_Bar_XAU_Precious_Metal_XtraSmall.jpg)
Gold price bulls turn cautious near $2,525 hurdle ahead of US NFP report
Gold price (XAU/USD) climbed closer to the $2,524-2,525 supply zone on Thursday amid some follow-through US Dollar (USD) selling, led by bets for a larger interest rate cut by the Federal Reserve (Fed) later this month.
![Nonfarm Payrolls expected to show modest hiring rebound in August after July’s tepid report](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/NFP/us-job-hunter-8793311_XtraSmall.jpg)
Nonfarm Payrolls expected to show modest hiring rebound in August after July’s tepid report
The Nonfarm Payrolls report is forecast to show that the US economy added 160,000 jobs in August, after creating 114,000 in July. The Unemployment Rate is likely to dip to 4.2% in the same period from July’s 4.3% reading.
![Why Ethereum is underperforming Bitcoin, Solana, Nvidia, Meta, Apple and others](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ethereum/ethereum_XtraSmall.jpg)
Why Ethereum is underperforming Bitcoin, Solana, Nvidia, Meta, Apple and others
Ethereum (ETH) is down 2% on Thursday following a key analysis showing the top altcoin has underperformed assets, including Bitcoin, Solana, Nvidia, Meta, Apple, Gold and others. CryptoQuant analysts and the F2pool co-founder weigh in on why ETH has underperformed and what investors should expect.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.