The USD/CHF Pair on November 5, 2020

The USD/CHF pair is still seen around 0.89000

Elections that have been going on for too long, and there are no election results yet. The biggest loser is the dollar because it has no political support. Investors are staying aside for now and are waiting for the outcome of the election.

USD/CHF, The USD/CHF Pair on November 5, 2020

USD/CHF, The USD/CHF Pair on November 5, 2020

It also seemed that investors were unwilling to make any aggressive bets, preferring to remain on the sidelines ahead of the latest monetary policy update to be announced by the Fed tonight.

First, the decision on the interest rate and then the officials’ statement on the next possible incentives for the economy. In the meantime, the usual data on the initial weekly claims for the unemployed from the USA for some short-term trading opportunities during the early North American session will be published.

Switzerland prints its CPI and consumer climate reports, but franc traders are likely to use CHF as a safe haven this week. This afternoon we have a speech; Andrea Maechler serves as the Governing Board Member of the Swiss National Bank (SNB).

We should pay attention to this speech because we will get information about the next actions and tools that the SNB will use to help the economy mitigate coronavirus’s effects. The number of newly infected people in Switzerland is at a record high of over 20,000 people.

The Swiss authorities have warned that there has been a worrying increase in the number of patients in all cantons and all age groups in the past few days, with a simultaneous increase in the number of hospitalized patients.

The restrictions are extremely light compared to other places in Europe. In England, all restaurants, bars, and shops that sell “irrelevant” goods have been closed for a month since Thursday. In France, much of public life is closed, and residents need a specific reason to leave home.

For weeks, Switzerland has been locked in a political dispute over what to do amid deep divisions between those who see reducing the number of new infections as a priority and those who know the economy and public life as the most important.

The Swiss approach compared with Sweden, which resisted stopping during the first wave of the virus and instead relied on softer measures such as encouraging social exclusion.

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