FX.co ★ UFCworriers | USD/CHF

USD/CHF records minor gains against the Swiss Franc (CHF) but remains confined within its previous range, as shown by doji candles on the daily chart. As a result, USD/CHF has found strong support at the 0.8130-0.8150 level but has been unable to push above 0.8185, keeping the overall bearish trend intact. Positive economic data in Switzerland on Friday backed the USD/CHF, as the SECO Consumer Climate Index fell to -42 points in the quarter before October, marking its worst level in the past four years, down from -35 points the previous month. Meanwhile, Switzerland's foreign currency reserves fell to 759 billion in October from 770 billion in September. Meanwhile, the US dollar is receiving some support from risk-off sentiment, as seen in the sell-off in technology stocks that dragged the equities market lower, with expectations that the upcoming Nonfarm payrolls data due later today will be robust after recent positive labor market data. The USD/CHF pair is trading at 0.8184, below the close horizontal resistance level of 0.8185, preserving the overall bearish trend. Momentum indicators signal weak positive momentum, as the 4-hour Relative Strength Index (14) approaches 50, while the Moving Average Convergence Divergence (MACD) has risen slightly above zero. The pair will need to overcome the mentioned 0.8185 level (Wednesday and Thursday's highs), as well as the 0.8217 high of November 3, to allow an upside correction. On the downside, a clear break of Wednesday's low of 0.8127 will put the early September lows, in the 0.8050-0.8070 range, on the radar.