USD / CHF falls to the lowest level in almost six years below 0.9000

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  • USD / CHF continues to push lower after Thursday’s slide.
  • The US Dollar Index falls below 92.50 on Friday.
  • Nonfarm payrolls in the US are expected to increase by 600,000 in October.

After losing 90 pips on Thursday, the pair USD/CHF it extended its slide on Friday and hit its lowest level since January 2015 at 0.8998. At time of writing, the pair was down 0.4% on the day at 0.9005.

USD / CHF remains defensive ahead of NFP report

The USD sell-off that was triggered on Wednesday after US election results began to point to a possible Joe Biden victory remains intact towards the end of the week. Additionally, the dovish comment from FOMC Chairman Jerome Powell on Thursday put the USD under further downward pressure. At the moment, the US Dollar Index (DXY) is at its lowest since early September at 92.35, shedding 0.3% on the day.

Meanwhile, the major Wall Street indices appear to start the last day of the week in negative territory after the impressive rally. At the moment, S&P 500 futures are down 0.9% on the day and a sharp drop in US stocks could help the DXY erase some of its losses.

On the other hand, a stronger-than-expected reading in the October Non-Farm Payroll (NFP) report later in the day could help improve market sentiment and cause USD / CHF to start pushing lower. Investors expect the NFP to rise by 600,000.

Credits: Forex Street

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