The USD/CHF stopped its fall on Tuesday, rose over 0.51% following a worse than expected Nonfarm Payrolls benchmark revision, which revealed that the labor market is cooling faster than expected. Investors seem convinced that the Fed will reduce interest rates at the September meeting, though failed to boost the Swiss Franc. At the time of writing, the pair trades at 0.7971 virtually flat as the Asian session begins.
The USD/CHF bounced off at around 0.7900 with buyers stepped into the market, driving the exchange rate 70 pips higher, towards 0.7970. Despite this, momentum remains bearish as depicted by the Relative Strength Index (RSI). But if the pair clears the September 8 high of 0.7995, a breach of 0.8000 could prompt traders to drive the exchange rate higher.
If USD/CHF clears 0.8000, it could boost the chances of clearing the confluence of the 50 and 20-day SMAs at 0.8022/29 respectively. If surpassed, the next stop would be 0.8100, and the 100-day SMA at 0.8115.
Conversely, if the pair slumps below 0.7900m the next support would be the July 1 swing low of 0.7872.
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies this week. Swiss Franc was the strongest against the Canadian Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | 0.00% | -0.18% | -0.60% | 0.09% | -0.52% | -0.58% | -0.18% | |
EUR | -0.00% | -0.19% | -0.54% | 0.08% | -0.51% | -0.53% | -0.19% | |
GBP | 0.18% | 0.19% | -0.44% | 0.27% | -0.32% | -0.34% | 0.00% | |
JPY | 0.60% | 0.54% | 0.44% | 0.63% | 0.06% | -0.12% | 0.45% | |
CAD | -0.09% | -0.08% | -0.27% | -0.63% | -0.51% | -0.61% | -0.27% | |
AUD | 0.52% | 0.51% | 0.32% | -0.06% | 0.51% | -0.02% | 0.33% | |
NZD | 0.58% | 0.53% | 0.34% | 0.12% | 0.61% | 0.02% | 0.35% | |
CHF | 0.18% | 0.19% | -0.01% | -0.45% | 0.27% | -0.33% | -0.35% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).