- USD/CHF trades in a tight range below 0.8850 as investors seek fresh Fed interest rate cues.
- Donald Trump’s economic agenda will be inflationary for the US economy.
- Investors await flash US S&P Global PMI for November and SNB Schlegel’s speech, which are scheduled for Friday.
The USD/CHF pair consolidates in a tight range below 0.8850 in European trading hours on Thursday. The Swiss Franc pair trades sideways as investors look for fresh cues about whether the Federal Reserve (Fed) will cut interest rates again in the monetary policy meeting in December. Meanwhile, the US Dollar (USD) holds its Wednesday’s recovery and aims to break above the fresh yearly high.
Traders doubt Fed rate cuts next month as market experts believe that price pressures in the United States (US) region could rebound amid expectations that President-elect Donald Trump will raise import tariffs and lower taxes, a move that will boost employment, economic growth, and consumer spending.
According to the CME FedWatch tool, the likelihood of the Fed cutting interest rates by 25 basis points (bps) to 4.25%-4.50% has diminished to 59% from 72% a week ago.
Going forward, investors will focus on the flash S&P Global PMI data for November, which will be released on Friday. The preliminary PMI data will help investors to project the next move in the US Dollar.
On the Swiss Franc (CHF) front, investors await Swiss National Bank (SNB) Vice Chairman Martin Schlegel’s speech, which is scheduled for Friday. In his last speech at an event organized by Raiffeisen Bank in Cham, Switzerland, on October 29, Schlegel emphasized the need for interest rate reductions to maintain price stability.
USD/CHF bounces back after a mild correction to a 50% Fibonacci retracement around 0.8800. The Fibo tool is plotted from a May high of 0.9225 to a September low of 0.8375. Upward-sloping 20-day Exponential Moving Average (EMA) near 0.8770 suggests that the near-term trend is bullish.
The 14-day Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, indicating a strong bullish momentum.
The asset could rise to near the July 5 low of 0.8950 and the psychological resistance of 0.9000 after breaking above the November 14 high of 0.8918.
In an alternate scenario, a downside move below 38.2% Fibo retracement at 0.8700 could drag the asset towards the October 23 low of 0.8650, followed by the November low of 0.8616.
USD/CHF daily chart
Economic Indicator
SNB Chairman Schlegel speech
Martin Schlegel became the Swiss National Bank (SNB) Chairman in October 2024. Schlegel was previously the Vice Chairman of the Governing Board of the SNB and he worked at various positions in the Swiss central bank. As head of the SNB. Schlegel remarks can significantly alter the value of the nation's currency, the Swiss Franc (CHF)
Read more.
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

Gold hangs close to record highs above $3,200, US data eyed
Gold price keeps its range close to fresh all-time highs near $3,220 in early Europe on Friday. The US Dollar downward spiral and escalating trade war between the United States and China continue to underpin the safe-haven appeal of Gold price.

GBP/USD rises to near 1.3050 as US Dollar remains tepid ahead of PPI data
GBP/USD is on track for its fourth consecutive daily gain, trading near 1.3030 during Friday’s Asian session. The pair continues to strengthen as the US Dollar loses ground amid lingering concerns over both the global and US economies.

EUR/USD appreciates to near 1.1350 as the EU suspends tariffs on US imports
EUR/USD extends its gains for the second successive day, trading near 1.1350 during Friday’s Asian session. The Euro strengthened after the European Union announced a 90-day pause on new 25% tariffs on the United States, aiming to create space for trade negotiations.

Bitcoin, Ethereum and Ripple show weakness while XRP stabilizes
Bitcoin and Ethereum prices are hovering around $80,000 and $1,500 on Friday after facing rejection from their respective key levels, indicating signs of weakness. Meanwhile, Ripple broke and found support around its critical level; maintenance suggests a recovery on the cards.

Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.