USD/CHF back closer to multi-week lows as USD slips below 100.00 mark
|The USD/CHF pair failed to build on early gains to parity mark and has now dropped to fresh session low near 0.9960 region.
A fresh wave of greenback selling pressure during early European session, with the key US Dollar Index slipping back below the key 100.00 psychological mark, seems to be a key driver of the pair's downslide on Tuesday.
The pair even failed to benefit from a mildly positive opening in European equity markets, and easing political uncertainty in the Euro-area in wake of Emmanuel Macron's win at the first French Presidential debate, which tends to weigh on the Swiss Franc's safe-haven appeal.
Meanwhile, market seems to have largely ignored a downgrade of the Swiss economic growth estimates for 2017, released by the Swiss State Secretariat for Economic Affairs (SECO), with the US Dollar price-dynamics being an exclusive driver.
Investors now look forward to New York Fed President William Dudley's speech for some fresh impetus ahead of the US current account deficit figures for December, due later during the NA session.
Technical levels to watch
Bears would be eyeing for a decisive weakness below mid-0.9900s, below which the pair is likely to prolong the depreciating move further towards the very important 200-day SMA support near 0.9910-0.9900 region, en-route yearly lows support near 0.9865-60 zone.
On the upside, any recovery back above 0.9985 level, leading to a subsequent momentum above parity mark, now seems to lift the pair towards 1.0025-30 horizontal resistance ahead of 100-day SMA hurdle near 1.0060 region.
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