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USD/CHF drifts lower toward 0.8100 ahead of US NFP

FXStreet notes the pair eased after a rejection near 0.8136 Thursday, while Deutsche Bank expects July payrolls to rise only modestly.

Reported · Written up by our desk · Major Pairs

The US dollar trimmed gains against the Swiss franc on Friday, with USD/CHF drifting toward 0.8100 after stalling below 0.8136 on Thursday, according to FXStreet.

The move comes as traders hold back ahead of the US nonfarm payrolls release, with cautious positioning seen as limiting upside for USD bulls even as the dollar remains on track for a 0.3% weekly gain.

Deutsche Bank expects July payrolls to show only a slight improvement, looking for a headline gain of about 65k versus 57k previously, and private payrolls of about 65k versus 49k previously, a result it says would still keep readings under recent 3- and 6-month averages.

In Switzerland, the SECO Consumer Climate Index improved slightly to -35 in Q3 from -40 in the prior quarter, though FXStreet reports the impact on the franc was minimal, and it also points to support near the prior resistance area above 0.8100 and potential downside tests toward 0.8055-0.8060.

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