Key Moments
- USD/CHF trades higher for a second straight session, with dips remaining shallow and resistance at 0.8075 under pressure.
- Swiss National Bank data show Foreign Currency Reserves increased to CHF 759 billion in June from CHF 711 billion in May.
- USD/CHF technical setup points to a corrective phase above 0.8050, with key levels at 0.8075 on the upside and 0.8010 on the downside.
Dollar Holds Firm as Market Tone Stays Calm
The US Dollar is advancing for the second consecutive session against the Swiss Franc, with USD/CHF maintaining a mild bullish bias. Attempts to push the pair lower have been limited so far, as buying interest continues to emerge on dips and keeps the focus on resistance in the 0.8075 area.
Swiss Data: Higher Reserves, Softer Labor Market
On the macroeconomic side, figures from the Swiss National Bank show that Foreign Currency Reserves climbed to CHF 759 billion in June, up from CHF 711 billion in May.
The Swiss Franc remains under pressure following weak labor market data released on Monday, which indicated that the Unemployment Rate rose to 3.1%, the highest level in five years. Later in the session, the US ISM Services Purchasing Managers Index (PMI) matched expectations and signaled solid growth in activity, while the S&P Global Services PMI pointed to an unexpected loss of momentum.
Technical Picture: Correction Above 0.8050
From a technical standpoint, USD/CHF is described as being in a corrective phase after completing a 5-wave (Elliot Wave) bullish sequence, with indicators sending mixed signals. On the daily chart, the Relative Strength Index (14) is described as constructive and is positioned near 58, whereas the Moving Average Convergence Divergence (MACD) has edged slightly into negative territory.
For buyers, a clear move through resistance around 0.8075 – defined by the lows from June 26 and June 30 and the high from July 6 – would signal that the corrective phase has likely run its course. Such a breakout would turn attention toward the late June and early July peaks, located between 0.8120 and 0.8135.
On the downside, a drop below the session low at 0.8045 would increase selling pressure and could open a move toward Friday’s floor in the 0.8010 region. A break under that level would complete an A-B=C-D corrective pattern targeting the 61.8% Fibonacci retracement of the prior bullish leg, just above 0.7900.
Swiss Franc Performance Against Major Currencies This Week
The following table shows the percentage change of the Swiss Franc (CHF) against major currencies this week. According to the data, the Swiss Franc has shown its greatest strength against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | — | 0.10% | -0.23% | 0.37% | 0.17% | -0.06% | 0.39% | 0.43% |
| EUR | -0.10% | — | -0.36% | 0.26% | 0.04% | -0.13% | 0.25% | 0.28% |
| GBP | 0.23% | 0.36% | — | 0.50% | 0.39% | 0.23% | 0.61% | 0.63% |
| JPY | -0.37% | -0.26% | -0.50% | — | -0.24% | -0.32% | 0.02% | 0.02% |
| CAD | -0.17% | -0.04% | -0.39% | 0.24% | — | -0.10% | 0.27% | 0.24% |
| AUD | 0.06% | 0.13% | -0.23% | 0.32% | 0.10% | — | 0.38% | 0.41% |
| NZD | -0.39% | -0.25% | -0.61% | -0.02% | -0.27% | -0.38% | — | 0.02% |
| CHF | -0.43% | -0.28% | -0.63% | -0.02% | -0.24% | -0.41% | -0.02% | — |
The heat map indicates the percentage change of major currencies against each other. The base currency is taken from the left-hand column, and the quote currency from the top row. For instance, selecting the Swiss Franc as the base from the left column and moving across to the US Dollar column shows the percentage change for CHF (base)/USD (quote).
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