The USD/CHF pair forecast for November 05, 2020

Looking at the chart, we see that the USD/CHF pair will move in one descending channel between the two trend lines and is currently testing the psychological level of 0.90000. The still-unresolved status of the American elections puts pressure on the dollar, while investors are waiting on the sidelines and waiting for a decision on the winner of the American elections.USD/CHF, The USD/CHF pair forecast for November 05, 2020

USD/CHF, The USD/CHF pair forecast for November 05, 2020

Other important news for the US dollar is non-farm payrolls and the unemployment rate. The report on non-farm payrolls is expected to show that the economy has added 600,000 positions, while the unemployment rate is projected to fall from 7.9% to 7.7%.

The news will come during the American presidential elections, and President Trump will try to challenge the results in several states in court. Literally, all the news is in the background until the elections are over. The number of newly infected in Switzerland is over 20,000 people.

Swiss authorities have warned that the number of patients in all cantons and all age groups has been alarming in recent days, with a simultaneous increase in hospitalized patients. The restrictions are slightly compared to other countries in Europe.

Switzerland has been in a political dispute for weeks about what to do due to 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 because lockdown harms the Swiss economy.

Switzerland can be compared to Sweden, which did not take drastic measures during the virus’s first wave. Instead, it relied on softer measures such as encouraging social distancing and reducing contacts. If Europe’s situation worsens with the increase in the number of newly infected with the coronavirus, Switzerland will also be forced to lockdown its country.

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