USD/CHF bulls eyeing a move beyond 1-month highs, near mid-0.9700s
|The USD/CHF pair gained some fresh traction on Monday and is now inching back closer to over 1-month highs touched last Thursday.
The pair was seen building on Friday's rebound from the vicinity of 100-day SMA, resistance turned support near the 0.9670-65 region, and was seen benefitting from a modest pickup in the US Dollar demand.
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The greenback marched broadly higher at the start of a new trading week and was being underpinned by a softer tone around the EUR/USD major as investors digested the outcome of the German general election.
Adding to this, subsiding N. Korean tensions was also seen weighing on traditional safe-haven currencies - like the Swiss Franc and was also one of the factors driving the pair higher through mid-European session.
For Monday, three Fed speakers - New York Fed President William Dudley, Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari, would influence the USD dynamics and eventually provide some fresh impetus.
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Technical levels to watch
On a sustained move beyond mid-0.9700s, the pair is likely to dart towards 0.9770-75 intermediate hurdle before eventually aiming to reclaim the 0.9800 handle.
Meanwhile, on the downside, any retracement back below 0.9725 level now seems to find some fresh buying interest near the 0.9700 handle and hence, should limit immediate downside near 0.9760-65 area (100-day SMA).
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