The decline of the US dollar continued on Thursday for the fourth day in a row. USD/CHF dropped back below the parity level and tumbled to 0.9930, hitting the lowest level since January 11.

Afterwards, the pair bounced modestly to the upside and it was trading at 0.9960, down 0.81% for the day.

USD/CHF dramatic decline

From the level it had at the beginning of the week USD/CHF has fallen almost 300 pips, making a significant reversal. In the way down the pair broke a short-term uptrend line, fell below the 20-day moving average and today it could post the lowest daily close in almost a month.

The US dollar is having the worst weekly performance since November against the Swiss franc but before the week is over the US non-farm payroll report will be released. Market consensus points to a reading around 195K, but with expectations about a rate hike by the Federal Reserve in March so low, the numbers from the labor market could have a limited impact on the currency market.

The decline of the US dollar continued on Thursday for the fourth day in a row. USD/CHF dropped back below the parity level and tumbled to 0.9930, hitting the lowest level since January 11.

(Market News Provided by FXstreet)

By FXOpen