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  • USD/CHF continues to push lower following Thursday’s slump.
  • US Dollar Index slumps below 92.50 on Friday.
  • Nonfarm Payrolls in the US is expected to rise by 600,000 in October.

After losing 90 pips on Thursday, the USD/CHF pair extended its slide on Friday and touched its lowest level since January 2015 at 0.8998. As of writing, the pair was down 0.4% on a daily basis at 0.9005.

USD/CHF remains on the back foot ahead of NFP

The USD selloff that was triggered on Wednesday after the US election results started to point to a possible Joe Biden victory remains intact toward the end of the week. Moreover, the FOMC Chairman Jerome Powell’s dovish commentary on Thursday caused the USD to come under renewed bearish pressure. At the moment, the US Dollar Index (DXY) is at its lowest level since early September at 92.35, losing 0.3% on the day. 

In the meantime, Wall Street’s main indexes look to start the last day of the week in the negative territory following the impressive rally. At the moment, the S&P 500 futures are down 0.9% on the day and a sharp decline in US stocks could help the DXY erase some of its losses. 

On the other hand, a stronger-than-expected reading in the October Nonfarm Payrolls (NFP) report later in the day could help market sentiment improve and cause USD/CHF to start pushing lower. Investors expect the NFP to rise by 600K.

Nonfarm Payrolls Preview: Forecast from five major banks for October jobs report.

Technical levels to watch for