Ella 
USD/CHF is trending lower as the Swiss National Bank (SNB) continues to facilitate reshoring of the Swiss franc, maintaining strength. During the Asian session on Thursday, USD/CHF gave up recent gains and fell to around 0.8830.
The Swiss franc has found upside support as the Swiss National Bank has been gradually reducing its foreign exchange reserves, which peaked at CHF 950 billion in 2022. As of October, the SNB’s currency reserve balance sheet had fallen to a seven-year low of 657 billion Swiss francs.
However, after falling for three consecutive days, USD/CHF tried to interrupt the decline in the last trading day. After recent U.S. data, traders seemed cautious about the possibility of further tightening of monetary policy by the Federal Reserve (Fed), with the market focusing on continued U.S. inflation and economic slowdown.
The University of Michigan consumer confidence index came in at 61.3 in November, beating expectations of 60.5. However, U.S. durable goods orders for October were -5.4%, compared to expectations of -3.1%. U.S. jobless claims data for the week ended Nov. 17 showed a larger-than-expected decline, falling to 209,000 from 233,000 previously.
Statistics Switzerland will publish third-quarter employment levels on Friday, which will show the total number of employed workers. Market focus will turn to the preliminary US November S&P Global Manufacturing and Services Purchasing Managers Index, which will provide investors with a better understanding of the US economic situation.
