Daily Economic Commentary: Switzerland

Was that a pullback or what? USD/CHF put an end to its recent selloff, as the pair locked in a 75-pip gain on Friday. Let’s take a look at today’s set of reports to see if the downtrend is about to resume.

There were no reports released from Switzerland on Friday, as traders attribute the USD/CHF bounce to profit-taking ahead of the weekend. However, dollar weakness is still expected to make a comeback in the upcoming trading days as the U.S. government shutdown carries on.

Switzerland will release its foreign currency reserves report at 8:00 am GMT today. The report has been showing declines for the past four months, showing that it has been less expensive for the SNB to maintain its franc peg. Another decline could be positive for the Swissy so make sure y’all keep tabs on the actual release!

It’s two for two for the franc! Thanks to dollar and euro weakness, USD/CHF and EUR/CHF both gave up pips yesterday. Did Switzerland’s reports have any weight at all?

Not really. Switzerland only reported a slightly lower foreign currency reserves data, so the franc pairs’ moves might have been due to its counterparts rather than the franc’s price action.

Today we’re expecting to see Switzerland’s unemployment rate at 5:45 am GMT, followed by Swiss CPI and retail sales numbers at 7:15 am GMT and then SNB’s Jordan’s speech at 4:00 pm GMT. It’s a big day for Swiss reports, so you better not miss these!

Zzz… Franc price action was a snoozer yesterday, with USD/CHF lounging below the .9050 minor psychological level and EUR/CHF cruising above 1.2250. What are the chances of seeing more action today?

Not even strong data was enough to bust franc pairs out of their ranges yesterday, as Swiss retail sales showed a 2.4% jump versus the estimated 1.7% increase while the CPI came in a notch higher than the expected 0.2% uptick. The Swiss jobless rate came in line with consensus at 3.2%.

Breakout fanatics might be disappointed to find out that there are no reports due from Switzerland today so franc pairs mights stay within their current consolidation zones. Do stay tuned for any updates from Washington though, as a resolution on their budget plans could renew dollar demand.

The franc was the punching bag of two of its major counterparts yesterday as the dollar and euro bulls dictated USD/CHF and EUR/CHF’s price action.

As I mentioned in my USD update, the dollar received broad support following Janet Yellen’s nomination as the next Fed head. Meanwhile, the euro bulls were also over the moon thanks to a couple of bullish news from the euro zone.

Will the franc have its own price moves today? I’m guessing not. After all, Switzerland won’t be printing any report today. This means that you have to keep a close eye on other news that might impact risk appetite!

Like a moth to a flame! USD/CHF was drawn to the .9100 major psychological resistance yesterday, as the U.S. dollar kept recovering against its rivals. Can the Swiss franc make its own comeback?

There were no reports released from Switzerland yesterday, as USD/CHF’s rally was mostly a result of risk aversion and dollar strength. Traders are starting to speculate that U.S. lawmakers are closer to reaching an agreement on the budget, especially since the debt ceiling deadline is looming.

For today, there are still no reports due from Switzerland so the franc might be tossed around by risk sentiment once again. Market participants could start unwinding their dollar positions ahead of the weekend so watch out for some crazy movement before the trading week comes to a close!

Once again the franc failed to make any moves on its own as USD/CHF and EUR/CHF were dictated by the dollar and the euro’s price actions. Will the currency have a chance at making its own moves this week?

Not likely. The only news reports scheduled for this week is Switzerland’s PPI report at 7:15 am GMT today as well as the ZEW economic expectations due on Wednesday at 9:00 am GMT. This means that you’ll have to pay attention to what’s going on with the dollar and the euro if you’re planning on trading the major franc pairs!

Monthly PPI data for the Land of Chocolates came out lower-than-expected at 0.1% vs. 0.3% forecast, providing a short-term hit to the Swiss Franc against the Greenback. The move was a short-lived one as general risk sentiment affected the majors, and after a little bit of choppiness, USD/CHF closed only about 13 pips above the week open.

No major data from Switzerland for the Tuesday session, so the US government issues may continue to be the main market drivers, as well as the SNB’s strong adherence to the franc ceiling to protect the economy.

Tuesday was not a good day for the Swissy, as the currency lost a lot of ground to the dollar then. USD/CHF climbed above the .9100 handle and reached a high of .9179 during the London session. Is the franc in for another round of losses?

There were no reports released from Switzerland yesterday, leaving the franc victim to U.S. dollar strength. Risk-taking was off, mostly because of the prolonged government shutdown and the possibility of a U.S. debt default.

For today, Switzerland will release its ZEW economic expectations report which might provide some support for the Swissy. The figure has been climbing for the past four months, reflecting improvements in economic outlook, so another rise for September might boost the Swiss franc. Watch out for the actual release at 10:00 am GMT if you’re trading Swissy pairs!

Better-than-expected economic data? Pfft. The franc traded on its counterparts’ price action as their headlines dominated the markets. USD/CHF closed near its open price while EUR/CHF inched 17 pips higher.

Yesterday Switzerland printed its ZEW economic expectations, which blasted above market estimates with a 24.9 reading after last month’s 16.3 index figure. Too bad that it wasn’t where the franc investors’ attention were at though, since they were busy trading a low inflation report from the euro zone and an impending debt deal in Washington.

We probably won’t see any franc-induced action today as Switzerland isn’t slated to print any economic data. That doesn’t mean that you shouldn’t watch the major franc pairs though!

Saddle up, fellas! It looks like franc bulls are a-chargin’ again! USD/CHF sold off heavily in yesterday’s trading, as the pair slipped from a high of .9176 to a low of .9020. What in the world just happened?!

Switzerland didn’t release any economic reports yesterday, which means that the selloff in USD/CHF was a result of U.S. events and risk sentiment. Fortunately for the franc, the odds were in its favor yesterday as the end of the U.S. government shutdown sparked risk-taking. Aside from that, news of a debt downgrade on the U.S. by a Chinese ratings agency also pushed USD/CHF lower.

There are no reports due from Switzerland today so USD/CHF movement could depend on sentiment once again. The franc might be able to keep taking advantage of dollar weakness should risk appetite persist, but profit-taking could take place before the trading week comes to a close. Be careful out there!

Since the franc doesn’t usually get any action on a regular day, it’s not surprising that it had a muted price action against its counterparts last Friday. USD/CHF and EUR/CHF barely moved from their open prices as traders packed up early for the weekend.

The only report scheduled from Switzerland this week is the trade balance numbers tomorrow at 6:00 am GMT. Analysts are expecting a 2.32 billion CHF surplus after last month’s 1.86 billion CHF figure, but keep an eye out for any surprises!

Zzzz… USD/CHF had a lazy Monday as it simply cruised sideways above the .9000 major psychological support level. In fact, the pair was stuck in a tight range as it found resistance at the .9040 area. Will it break out today and which way can it go?

The lack of data from Switzerland allowed franc pairs to snooze yesterday, but today might be a different story as there are major market catalysts lined up.

In particular, the U.S. is set to report its non-farm payrolls figure for September at 1:30 pm GMT and this release might be enough to wake USD/CHF from its slumber. Bear in mind that the actual release could shape expectations for the upcoming FOMC decision next week, as a weak reading could be negative for the dollar while a strong reading could result in a dollar rally.

The franc pulled a double victory against the dollar and the euro yesterday as a strong Swiss data boosted the low-yielding currency. USD/CHF dropped to a five-month low while EUR/CHF closed slightly lower than its open price.

It might have helped the franc that Switzerland’s trade balance data showed a 2.49 billion CHF trade surplus, which is higher than the previous month’s 1.86 billion CHF figure and the expected 2.32 billion CHF surplus.

Will the franc’s price action make a dent on the franc pairs’ moves again today? It’s unlikely considering that we’re not scheduled to see any Swiss reports, but keep your eyes open in case we see surprises!

The floodgates have opened! After USD/CHF broke below the .9000 major psychological support level, there seems to be no stopping its decline. The pair made another strong break below consolidation and traded to a low of .8911. How low can it go?

There were no reports released from Switzerland yesterday, as USD/CHF’s price action was mostly a result of risk sentiment. And from yesterday’s moves, it appears that traders prefer the Swiss franc to the U.S. dollar in times of uncertainty!

There are still no reports due from Switzerland today, which means that risk sentiment could continue to drive price action. USD/CHF is currently consolidating above the .8900 support level, waiting for the next big catalyst that could push it over the edge.

With the Greenback and the euro making their own waves, the franc had no chance at dictating its own price action. USD/CHF ended the day unchanged while EUR/CHF closed a few pips higher than its open price.

As I mentioned in my USD update, mixed reports from the U.S. encouraged intraday reversals among the dollar pairs. Meanwhile, the euro enjoyed a bit of support from traders despite the release of slightly disappointing services PMIs from Germany and the euro zone.

We won’t see any Swiss data today so that means extra vigilance on news reports due from other major economies!

That .8900 handle is just way too strong for the franc! USD/CHF failed in its nth attempt to break below the key psychological support level, as the pair jumped up to a high of .8966 towards the end of the U.S. session. Will USD/CHF have another chance to break below .8900 today?

The lack of data from Switzerland kept the franc’s gains at bay on Friday, as USD/CHF retreated from its recent selloff. Today might be more of the same story, as there are still no reports on Switzerland’s economic schedule. Stay on your toes for U.S. releases and any potential changes in market sentiment!

What risk aversion?! The franc got stuck in Loserville yesterday as both USD/CHF and EUR/CHF posted gains.

We didn’t see any report printed from Switzerland yesterday, so the franc pairs’ price action might have had something to do with its counterparts’ strength rather than franc weakness.

Will the franc bulls hustle some muscle today? We won’t be seeing any Swiss data today, but a couple of major reports from the U.S. might trigger risk appetite or risk aversion across the board. Y’all better be ready in case we see huge moves, aight?

The risk-off trading environment was just too much for the franc to handle yesterday! The Swiss currency gave up more ground to the U.S. dollar, pushing USD/CHF up to a high of .9004. Will the former support area at .9000 hold as resistance from now on?

There were no reports released from Switzerland yesterday, leaving the Swissy with nothing to hang on to when risk aversion started wiping out the gains of the higher-yielding currencies. Today could be a better one though, as Switzerland is set to print its UBS consumption indicator and KOF economic barometer. The consumption indicator is expected to improve from the previous 1.32 reading while the KOF economic barometer could rise from 1.53 to 1.56.

If you’re planning on trading USD/CHF though, bear in mind that there might be a few game-changers from the U.S. economy. The ADP jobs report and the FOMC statement are both on today’s schedule so brace yourselves for potential fireworks during the U.S. session. Good luck!

While other currencies ended the day with decisive moves against its counterparts, the franc moved in all directions against the dollar and the euro. USD/CHF spiked both ways before ending the day 4 pips above its open price. Meanwhile, EUR/CHF closed with a 5-pip loss.

The franc enjoyed small gains during the early London session when the UBS consumption indicator and the KOF economic barometer both showed upside surprises.

Will we see more decisive price action today? Switzerland won’t be printing any report today but I see from my economic calendar that we’ll see big news from other major economies!

Nope, not today! The Swiss franc passed up another chance to move higher against the U.S. dollar, as USD/CHF climbed higher above the .9000 handle instead. Against the euro though, the franc was able to enjoy a lot of gains, as the shared currency was having a bad day.

There were no reports released from Switzerland yesterday, which explains why the franc had trouble trying to recover against the U.S. dollar. For today, Switzerland will print its SVME PMI report and possibly show a small improvement from 55.3 to 55.4. Keep in mind that a much stronger than expected reading could give a big boost for the franc, so don’t forget to check out the actual release at 9:30 am GMT.