USD/CHF – A Stalled Pivot Amid Economic Uncertainty

The US dollar/Swiss franc pair has settled into a narrow, direction‑less band around the 0.8000 level, a pattern that has emerged across the most recent trading sessions. This plateau follows a brief rally that saw the pair breach the 0.7980 mark on Thursday before retesting the 0.80 resistance on Friday.

Technical Snapshot

  • Close (2026‑01‑08): 0.79901
  • 52‑Week High (2025‑01‑12): 0.91994
  • 52‑Week Low (2025‑09‑16): 0.78570

The current price sits almost exactly at the 100‑day simple moving average, a level that has been acting as a psychological support for the USD/CHF pair. The RSI remains above 50 and the MACD line is positive, signalling that momentum has been building up from below but has not yet breached the 0.80 threshold.

Market Sentiment and Risk Appetite

The Swiss franc continues to enjoy safe‑haven status, reinforced by lingering geopolitical tensions that have kept risk‑averse investors on the sidelines. At the same time, the United States’ labor market data, which has shown firmness in recent weeks, has not yet triggered a decisive swing in the dollar. Market participants are now waiting for the upcoming US non‑farm payroll (NFP) report before committing to a clear direction.

The Swiss Consumer Price Index (CPI) for the month, released on Thursday, rose to 2.4 % year‑on‑year—slightly above expectations but within a range that has not shaken the franc’s defensive footing. The Swiss National Bank (SNB) remains on a hold stance for the foreseeable future, further supporting CHF resilience.

Forward Outlook

With the pair hovering near 0.80, a break above this level would signal a potential continuation of the USD’s recent rally and could open a path back toward the 0.8100 resistance. Conversely, a move below 0.80 would re‑establish the franc’s safe‑haven role and could drive the pair toward the 0.7950 support, the lower boundary of the current multi‑month range.

Given the pending US NFP data and the steady Swiss inflation picture, traders are likely to adopt a wait‑and‑see approach until the next major economic release. The USD/CHF pair remains in a tight, consolidation phase, poised to either confirm its bullish momentum or retreat into the protective embrace of the Swiss franc.