USD/CHF drops to over 1-week lows, farther below mid-0.9400s

  • USD/CHF remained under some selling pressure for the third consecutive session on Thursday.
  • The bearish sentiment surrounding the greenback kept exerting some pressure on the major.
  • The upbeat market mood, which undermines the safe-haven CHF, did little to lend any support.
  • Thursday’s focus will remain on the closely-watched US jobs report, popularly known as NFP.

The USD/CHF pair weakened farther below mid-0.9400s and dropped to over one-week lows during the early European session on Thursday.

The pair extended this week's retracement slide from the 0.9530 region, or two-week tops set on Tuesday and remained depressed for the third consecutive session. The US dollar selling remained unabated through the first half of Thursday's trading action, instead was seen further fueled by some follow-through downfall in the US Treasury bond yields. This, in turn, was seen as one of the key factors exerting pressure on the USD/CHF pair.

Meanwhile, the ongoing downfall seemed rather unaffected by the prevalent upbeat market mood, which tends to undermine demand for the perceived safe-haven Swiss franc. The global risk sentiment remained well supported by Wednesday's positive economic data from the US and Europe. The sentiment got an additional boost following the news of positive results from the early-stage human trial for a COVID-19 vaccine – co-developed by Pfizer and Germany’s BioNTech.

Apart from the mentioned factors, the latest leg of a downfall witnessed over the past hour or so could further be attributed to some technical selling below mid-0.9400s. The downside, however, is likely to remain cushioned as investors might now refrain from placing fresh bearish bets, rather prefer to wait on the sidelines ahead of Thursday's release of the closely-watched US monthly jobs report later during the early North American session.

The headline NFP is expected to show that the US economy added 3 million jobs in June and the unemployment rate is anticipated to have edged lower to 12.3% from 13.3% previous. A surprisingly stronger-than-expected report might provide some respite to the USD bulls, albeit seems unlikely to be a major game-changer amid concerns about the ever-increasing number of coronavirus cases across the world.

Technical levels to watch


Today last price 0.9434
Today Daily Change -0.0024
Today Daily Change % -0.25
Today daily open 0.9458
Daily SMA20 0.95
Daily SMA50 0.9616
Daily SMA100 0.9641
Daily SMA200 0.9739
Previous Daily High 0.9494
Previous Daily Low 0.9445
Previous Weekly High 0.9527
Previous Weekly Low 0.942
Previous Monthly High 0.9651
Previous Monthly Low 0.9376
Daily Fibonacci 38.2% 0.9464
Daily Fibonacci 61.8% 0.9475
Daily Pivot Point S1 0.9437
Daily Pivot Point S2 0.9417
Daily Pivot Point S3 0.9388
Daily Pivot Point R1 0.9487
Daily Pivot Point R2 0.9515
Daily Pivot Point R3 0.9536



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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD extends gains as ADP NFP disappoints with only 167K

EUR/USD is trading above 1.1850, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields.


XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.


ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News