Last week, USDCHF drew a long body bearish candlestick indicating a sharp decline extending the previous decline. USDHF has tended to move downwards since May, reflecting increased demand for the Swiss Frank currency, which is one of the safe-haven currencies.
On D1 last week at market close, USDCHF formed a bearish long-body candle reflecting strong bearishness.
USD/CHF continued its losing streak after the release of Swiss Consumer Price Index data on Friday which showed an increase of 1.3% in line with expectations for consistency in July.
CPI data also matched expectations, falling -0.2% from the previous 0.0%.
On the other hand, US economic data which weakened the USD also encouraged strengthening the Franc Swiss. The NFP data was 114k which was much smaller than the expected 176k with the previous revision of 179k. Meanwhile, the Unemployment Rate data was 4.3%, up from the expected 4.1% from the previous revision of 4.1%.
Today the market is focusing on ISM Services PMI data which is expected to rise to 51.4 from the previous revision of 48.8.
View attachment 7239
On D1 last week at market close, USDCHF formed a bearish long-body candle reflecting strong bearishness.
USD/CHF continued its losing streak after the release of Swiss Consumer Price Index data on Friday which showed an increase of 1.3% in line with expectations for consistency in July.
CPI data also matched expectations, falling -0.2% from the previous 0.0%.
On the other hand, US economic data which weakened the USD also encouraged strengthening the Franc Swiss. The NFP data was 114k which was much smaller than the expected 176k with the previous revision of 179k. Meanwhile, the Unemployment Rate data was 4.3%, up from the expected 4.1% from the previous revision of 4.1%.
Today the market is focusing on ISM Services PMI data which is expected to rise to 51.4 from the previous revision of 48.8.
View attachment 7239
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