USD/CHF remains close to the minimum of 13 years waiting for the Swiss CPI and the US NFP.

• The USD/CHF remains unchanged on Wednesday, quoting around 0.7913 and remaining close to its lowest level since July 2011.
• The technical bias is still bassist after the breakdown of the descending wedge in the daily chart.
• The traders will be attentive to the Swiss CPI data and the US NFP report, which will be published on Thursday, in search of new direction.

The Swiss Franco (CHF) is quoted flat against the US dollar (USD) on Wednesday, since the dollar finds some support after a prolonged fall. The USD/CHF torque is around 0.7913 after reaching an intradic maximum of 0.7941, staying close to its lowest level since July 2011. Despite the lack of directional impulse, the broader technical configuration continues to favor the bassists, with the torque keeping close to minimum of several years and showing pressure signs to the additional decline.

Recent comments from the Swiss National Bank (SNB) also suggested a willingness to reactivate unconventional tools if inflationary pressures resurface. The member of the SNB Board, Attilio Zanetti, suggested that negative interest rates remain on the table if necessary to anchor price stability, adding that the Central Bank still has “enough instruments” even with the policy rates near zero. While such measures are not imminent, comments underline the flexible SNB posture and its opening to act if economic conditions get worse.

At the same time, the International Monetary Fund (IMF) reviewed its forecast of the Gross Domestic Product (GDP) for 2025 to 1.3%, from the previous 1.7%, citing risks due to geopolitical tensions, volatility in the energy market and the persistent strength of the Swiss Franco. Growth is expected to slow down even more 1.2% in 2026.

From a technical perspective, recently, the price broke below a descending wedge pattern in the daily chart. This type of pattern can sometimes point out a trend reversion, but in this case, it supports the idea that the downward trend will probably continue.

The pair is also quoted below its exponential (EMA) mobile average of 9 days, offering dynamic resistance around 0.7998. The inability to recover this short -term mobile average suggests that sellers still have firm control, and any upward attempt may be limited unless the torque closes decisively above EMA.

Impulse indicators also support the bearish case. The relative force index (RSI) is located about 26.78, deeply in overall territory. While this suggests that the torque could be due to a short -term technical rebound, such movements tend to be corrective instead of changing the trend, especially when the broader trend clearly points down. Meanwhile, the exchange rate (ROC) remains negative in -3.06, indicating an impulse to the sustained decline and a lack of bullish conviction.

The immediate support for the USD/CHF is seen at the psychological level of 0.7900. A clean daily closure below this level could pave the way for more losses towards 0.7800, which marks the following key support zone. This level has not been tested in more than a decade and could attract some buying interest. However, given the current inertia, the risk remains inclined to the decline.

On the other hand, any recovery attempt will probably find resistance at 0.7998 (9 -day EMA), followed by the 0.8050 zone, an anterior support level that has now become resistance. A decisive movement above both levels could temporarily relieve the bearish pressure, but while the torque remains below the psychological brand of 0.8050, the general trend will continue to favor the Swiss Franco.

Looking ahead, traders will focus on the Swiss consumer price index (CPI) data that will be published on Thursday, which could offer new clues about the SNB policy path. On the other hand, attention will be transferred to the US Non -Agricultural Payroll (NFP) report. Any surprise in the work front could trigger new volatility in the USD/CHF.