KEY POINTS:US dollar remains supported despite mixed US dataTraders turn their focus to the US NFP report for the next directionSwiss CPI matches estimates, SNB seen on hold for a long timeUSD/CHF rises into a key resistance near the 0.80 handleFUNDAMENTAL OVERVIEWUSD:The US dollar has beenbouncing around in the past few days as traders continue to wait for the US NFPreport. The US data this week has been mixed. We got a soft ISM ManufacturingPMI on Monday but a strong Services PMI yesterday. The ADP was good despite aslight miss, but Job Openings were soft. In terms of macro, nothinghas changed. The market is still pricing 62 bps of easing by year-end with 57%probability of a Fed cut coming in March at the earliest. We will need verysoft NFP and CPI data to force the Fed to cut at the upcoming meeting,otherwise traders will just adjust the timing of the expected cuts in 2026 andmight even increase bets in the case of weak data.Tomorrow, the US SupremeCourt scheduled an “opinion day”, so we might also potentially get a decisionon Trump’s tariffs. CHF:On the CHF side, nothinghas changed. The SNB left everything unchanged at the last meeting and soundeda bit more positive on the future outlook given the lower US tariff rate. SNB’smembers continue to repeat that the bar for negative rates remains high, sothat leaves the Swiss Franc trading mostly based on risk sentiment. The SwissCPI today matched expectations with the Core reading holding steady around0.5%. Unless we get a strong negative shock in the economy or outrightdeflation, the SNB is unlikely to do anything for a long time.USDCHF TECHNICALANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that USDCHF bounced from the bottom of the range around the 0.7970 leveland it’s now approaching the 0.80 handle. There’s not much we can glean fromthis timeframe, so we need to zoom in to see some more details.USDCHF TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee that we have an important zone around the 0.7980 level where the price gotrejected from several times in the past several months. This is where we canexpect the sellers to step in with a defined risk above the zone to positionfor a drop into the bottom of the range. The buyers, on the other hand, willwant to see the price breaking higher to increase the bullish bets into the topof the range around the 0.81 handle.USDCHF TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we cansee that the price has been trading inside a rising channel into the keyresistance. The RSI has been diverging with the latest push into the resistanceindicating a loss of momentum. This might be a signal for a bigger pullbackinto the trendline around the 0.7930 level. The buyers will likelycontinue to lean on the bottom of the channel to keep pushing into new highs,while the sellers will look for a break lower to increase the bearish bets intothe major trendline. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we get the latest US Jobless Claims figures. Tomorrow, we conclude theweek with the US NFP report and potential US Supreme Court decision on Trump’stariffs. This article was written by Giuseppe Dellamotta at investinglive.com.