The US dollar (USD) increased its value against the Swiss franc (CHF) for the second consecutive day. With a relatively calm market, any downward movements seem limited for now, and the overall trend appears to be slightly bullish, exerting pressure around the 0.8075 mark.
On the economic side, the Swiss National Bank reported a rise in foreign exchange reserves from CHF 711 billion in May to CHF 759 billion in June.
However, the Swiss economy is facing challenges due to a disappointing jobs report released on Monday, which indicated that the unemployment rate climbed to 3.1%, the highest in five years. In contrast, the US ISM Services Purchasing Managers’ Index (PMI) met expectations with strong growth, while the S&P Global Services PMI surprised many with an unanticipated slowdown.
Technical analysis: Looking for direction above 0.8050
The USD/CHF pair is currently in a correction phase following the completion of a five-wave bullish cycle (according to Elliott Wave theory), with momentum indicators offering mixed signals. The daily chart reveals a relatively active strength index (14) around 58, while the Moving Average Convergence Divergence (MACD) has dipped slightly into negative territory.
For the bulls, it’s crucial to break the resistance near 0.8075 (which corresponds to the lows on June 26 and 30, along with the high from July 6) to confirm that the correction has ended and to shift focus toward the highs seen in late June and early July, which are between 0.8120 and 0.8135.
On the flip side, if there’s a drop below the session low of 0.8045, it could add pressure towards Friday’s trading level around 0.8010. Should this level fall, the AB=CD correction might target the 61.8% Fibonacci retracement from the bullish movement, just above 0.7900.
Swiss franc price this week
The percentage changes of the Swiss Franc (CHF) against major currencies for this week are shown in the table below. The Swiss franc performed strongest against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.10% | -0.23% | 0.37% | 0.17% | -0.06% | 0.39% | 0.43% | |
| EUR | -0.10% | -0.36% | 0.26% | 0.04% | -0.13% | 0.25% | 0.28% | |
| GBP | 0.23% | 0.36% | 0.50% | 0.39% | 0.23% | 0.61% | 0.63% | |
| JPY | -0.37% | -0.26% | -0.50% | -0.24% | -0.32% | 0.02% | 0.02% | |
| CAD | -0.17% | -0.04% | -0.39% | 0.24% | -0.10% | 0.27% | 0.24% | |
| Australian dollar | 0.06% | 0.13% | -0.23% | 0.32% | 0.10% | 0.38% | 0.41% | |
| New Zealand dollar | -0.39% | -0.25% | -0.61% | -0.02% | -0.27% | -0.38% | 0.02% | |
| Swiss franc | -0.43% | -0.28% | -0.63% | -0.02% | -0.24% | -0.41% | -0.02% |
This heat map illustrates the percentage changes between major currencies, based on selections from the left column as the base currency and the top row as the quote currency. For instance, selecting Swiss Franc from the left and moving to USD across the top shows the percentage change in the corresponding box.
