USD/CHF surges beyond 0.9600 after US NFP data

  • USD/CHF gained nearly 100 pips during the American session.
  • Nonfarm Payrolls in the US unexpectedly rose by more than 2 million in June.
  • Wall Street's main indexes register strong gains on risk rally.

The USD/CHF pair spent the first half of the day moving sideways near 0.9550 but gained traction during the American session and climbed to a daily high of 0.9651. Although the pair erased a small portion of its gains, it's still up 0.75% on the day at 0.9625.

NFP report boosts USD and sentiment

The highly-anticipated labor market report published by the US Bureau of Labor Statistics on Friday revealed that Nonfarm Payrolls (NFP) in May increased by 2.5 million in May. This reading came in much better than the market expectation for a decline of 8 million and helped the greenback gather strength against its rivals. Moreover, the Unemployment Rate dropped to 13.3% from 14.7%.

With the initial reaction to the jobs report, the US Dollar Index (DXY) erased its daily losses and turned positive on the day near 97.00. 

Meanwhile, Wall Street's main indexes opened the day sharply higher on Friday and made it difficult for the CHF to find demand as a safe-haven. At the moment, the Dow Jones Industrial Average is up 3.4% on the day and the Nasdaq Composite and the S&P 500 are rising 1.65% and 2.7%, respectively. 

However, the upbeat market mood also seems to be weighing on the USD and allowing the pair to retreat from highs. Nevertheless, the DXY is clinging to small daily gains near 96.80 and looks to snap its eight-day losing streak.

Technical levels to watch for


Today last price 0.9625
Today Daily Change 0.0070
Today Daily Change % 0.73
Today daily open 0.9555
Daily SMA20 0.9675
Daily SMA50 0.9683
Daily SMA100 0.9682
Daily SMA200 0.9778
Previous Daily High 0.9624
Previous Daily Low 0.9544
Previous Weekly High 0.9736
Previous Weekly Low 0.9602
Previous Monthly High 0.9784
Previous Monthly Low 0.9589
Daily Fibonacci 38.2% 0.9574
Daily Fibonacci 61.8% 0.9593
Daily Pivot Point S1 0.9524
Daily Pivot Point S2 0.9494
Daily Pivot Point S3 0.9444
Daily Pivot Point R1 0.9605
Daily Pivot Point R2 0.9655
Daily Pivot Point R3 0.9685



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