USD/CHF Price Forecast: Steadies below 0.8500 in countdown to US data

The USD/CHF pair exhibits a subdued performance near 0.8450 in Thursday’s European session.

USD/CHF remains on the backfoot near 0.8450 amid weakness in the US Dollar. Investors await the US ADP Employment and ISM Services PMI for August. A further slowdown in Swiss inflation boosts expectations of SNB ’s more rate cuts. The Swiss Franc asset remains under pressure as the US Dollar extends its downside after weak United States JOLTS Job Openings data for July raised red flags on current labor market conditions.

The 14-day Relative Strength Index oscillates in the bearish range of 20.00-40.00, suggesting that a strong bearish momentum is intact. More downside would appear if the asset breaks below August 5 low of 0.8432, which would drag the major towards the round-level support of 0.8400 and 28 December 2023 low of 0.8333. On the flip side, a recovery move above the weekly high near 0.8540 will drive the asset towardthe round-level resistance of 0.8600, followed by August 20 high of 0.8632.

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