- USD/CHF is losing more than 1.5% this week.
- Selling pressure surrounding the USD remains intact on Friday.
- Nonfarm Payrolls in the US is expected to increase by 469,000 in November.
The USD/CHF pair fell sharply in the previous three trading days and touched its worst level since January 2015 at 0.8890 on Thursday. In the absence of significant fundamental drivers, the pair trades in a very narrow range on Friday and was last seen losing 0.05% on the day at 0.8905.
DXY remains on the back foot
The persistent selling pressure surrounding the USD caused USD/CHF to push lower throughout the week. The mixed macroeconomic data releases from the US failed to help the greenback find demand and investors showed no interest in the currency with the S&P 500 and the Nasdaq Composite notching new all-time highs.
The US Dollar Index (DXY) slumped to its lowest level in more than two years at 90.51 on Thursday and continues to have a tough time staging a meaningful rebound on Friday.
Ahead of the US Bureau of Labor Statistics’ Nonfarm Payrolls (NFP) data, the DXY is down 0.15% on the day at 90.58. Markets expect the NFP to rise by 469,000 in November. Wall Street’s reaction to the US jobs report is likely to impact the USD’s market valuation in the second half of the day. At the moment, the S&P 500 Futures are up 0.33% on the day and a stronger-than-expected NFP reading could force the USD to lose further strength.
Technical levels to watch for
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