Ella 
In the Asian market on Friday, USD/CHF fell to around 0.8910, retreating from the consecutive gains at the beginning of Tuesday. USD/CHF found upside support on Thursday’s strong US employment data.
U.S. initial jobless claims fell to 216,000 last week in the week ended September 1, below expectations of 234,000 and the previous reading of 229,000. U.S. unit labor costs rose to 2.2% in the second quarter from 1.6% previously, in line with expectations.
The recent strength in the U.S. dollar appears to be due to growing investor confidence in the Fed’s hawkish stance. The optimism stems from a slew of positive data on the state of the U.S. economy.
Market participants appear to believe the Fed will raise interest rates by 25 basis points at its November and December meetings. At the same time, interest rates are also likely to remain at high levels for a long time.
As the market remains concerned about the deterioration of China’s economic situation and continued tensions in Sino-US trade relations, investor confidence continues to be suppressed. These risks related to China’s economic conditions and trade dynamics are likely to attract the Swiss franc, a traditional safe-haven currency.
Neither the U.S. nor Switzerland have important economic data due to release that could move the market, and traders will likely focus on a number of upcoming speeches from members of the Federal Reserve.
