USD/CHF hovers near 0.8174, with traders awaiting US Nonfarm Payrolls data to determine if the pair can break through the 0.8185 resistance level or resume its broader downward trend.
On Friday, November 6, USD/CHF trades at 0.8174, trapped below resistance at 0.8185 with doji candles signalling hesitation. Weak Swiss data (SECO Consumer Climate at -42 vs -35, reserves down to 759 billion) and risk-off USD support offset each other, keeping the broader bearish trend intact but with fragile bullish momentum building (RSI nearing 50, MACD above zero).
Support sits at 0.8130-0.8150 and Wednesday's low of 0.8127, while resistance is at 0.8185 and the November 3 high of 0.8217. A break below 0.8127 targets 0.8050-0.8070; a break above 0.8217 could allow an upside correction.
The US Nonfarm Payrolls report due later on Friday, following a string of upbeat US labour market releases earlier this week, is the main near-term catalyst for the pair.
The USD/CHF pair remains trapped in a narrow range, trading at 0.8174 as it struggles to overcome resistance at 0.8185. While weak Swiss economic data provides some support, the broader bearish trend persists ahead of the critical US Nonfarm Payrolls report.
Support sits at 0.8130-0.8150 and Wednesday's low of 0.8127, while resistance is at 0.8185 and the November 3 high of 0.8217.
The US Nonfarm Payrolls report is the main near-term catalyst, following a series of positive US labor market data releases earlier this week.