Investors are eagerly anticipating the key event as the USDCHF pair remains in a tight trading range at 0.87410.

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• USD/CHF oscillates in a narrow trading band, investors await the key event.

The pair currently trades last at 0.87410.

The previous day high was 0.8806 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8772, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8752, expected to provide resistance.

The USD/CHF pair consolidates its recent gains near 0.8745 during the early Asian session on Friday. Meanwhile, the US Dollar Index (DXY), a measure of the value of USD against six other major currencies, snaps a five-day winning streak and currently trades near 102.48.

Data released from the US on Thursday showed that Initial Jobless Claims rose to 227,000 for the week ended July 29, as expected. The ISM Service PMI for July fell to 52.7 from 53.9 in June and was below the expectation of 53. Additionally, Unit Labor Costs from Q2 increased to 1.6%, lower than the 2.6% expected. After the mixed economic data release, the Greenback retreated from a weekly high of around 102.85.

The US Nonfarm Payrolls (NFP) report will be closely watched and is expected to trigger volatility in the FX markets. However, the upbeat figure might convince the Federal Reserve (Fed) to take a more aggressive stance, which favors the US Dollar and acts as a tailwind for the USD/CHF pair.

On the other hand, the headline surrounding the US-China relationship remains in focus. China stated on Thursday that its government is willing to maintain communications with the US over an upcoming visit to Washington, DC, by Chinese Foreign Minister Wang Yi. The exacerbated tensions between the world’s two largest economies might benefit the safe-haven Swiss Franc and act as a headwind for the USD/CHF pair.

Moving on, the highlight of the week is the US Nonfarm Payrolls due later in the American session. The US economy is expected to have created 180,000 jobs in July. Also, the Unemployment Rate and Average Hourly Earnings will be released on Friday. The Unemployment Rate is expected to remain at 3.6%, and Average Hourly Earnings YoY are expected to increase by 4.2%. Market participants will keep an eye on these events and find trading opportunities around the USD/CHF pair.

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.8742 at the time of writing. Pair opened at 0.8775 and is trading with a change of -0.38 % .

The pair is trading above its 20 Daily moving average @ 0.8702, below its 50 Daily moving average @ 0.8886 , below its 100 Daily moving average @ 0.8955 and below its 200 Daily moving average @ 0.9167

The previous day high was 0.8806 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8772, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8752, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.8727, 0.8678, 0.8639
• Pivot resistance is noted at 0.8815, 0.8854, 0.8903

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