USDCHF Macro Bias and Analysis
Score as of 11 October 2026 · Mild Bull · Low conviction
+1 — Bullish
USDCHF currently reads mild bull at +1 with low conviction, calculated on 11 October 2026. The dominant input is policy rates at +2, which favours the US dollar. Working against it, momentum sits at -2. One of the nine inputs (GDP) has no current reading and is stated as absent below rather than counted as zero.
Three-block breakdown
| Block | Value | Inputs | Read |
|---|---|---|---|
| Macro | +1 | GDP, CPI, policy rates, retail sales, unemployment, momentum | The macro block nets +1, leaning towards the US dollar. |
| Sentiment | +4 | COT positioning, retail crowd positioning | The sentiment block nets +4, leaning towards the US dollar. |
| Seasonality | 0 | historical monthly tendency | The seasonality block nets out flat — the inputs inside it cancel. |
All nine signals for USDCHF
GDP — not available
No comparable GDP release for both currencies inside the current scoring window, so growth is excluded from this score.
CPI (inflation) — +2
+2 — Headline inflation favours the US dollar — hotter prices imply a firmer policy path for that side.
Policy rates — +2
+2 — The central-bank policy-rate differential favours the US dollar, before accounting for expected changes.
Retail sales — 0
0 — Consumer demand, measured through retail sales, is balanced between the two currencies.
Unemployment — -1
-1 — Labour-market slack favours the Swiss franc — a lower jobless rate scores positively.
Momentum — -2
-2 — Recent releases against forecast favours the Swiss franc — this measures surprise, not level.
COT positioning — +2
+2 — CFTC Commitments of Traders futures positioning favours the US dollar, read as institutional net exposure.
Retail sentiment — +2
+2 — Crowd positioning, read contrarian, favours the US dollar.
Seasonality — 0
0 — The historical tendency for this month is balanced between the two currencies.
October seasonality
In October, USDCHF has averaged -0.1% over the last two years and 0% over five years. The two horizons disagree, so treat the seasonal read as weak for this month.
Most recent releases for USD and CHF
- USD Prelim UoM Inflation Expectations released 9 Oct 2026: actual 4.7, forecast not published, previous 4.6.
- USD Prelim UoM Consumer Sentiment released 9 Oct 2026: actual 46.3, forecast 47.5, previous 48.1.
- CHF SECO Consumer Climate released 9 Oct 2026: actual -36, forecast -32, previous -33.
How this score is built
- Scores range from -10 to +10. Positive means the US dollar is favoured over the Swiss franc; negative means the reverse.
- Nine independent inputs feed three conviction blocks: macro, sentiment and seasonality. Conviction rises when blocks agree, not when one input is extreme.
- This is a macro bias and pair-selection read. It is not a trade entry, an execution signal, or investment advice.