USD/CHF drops to a fresh session low ahead of SNB’s Jordan
|A fresh bout of greenback selling pressure seems to have emerged, with the USD/CHF pair erasing all of its tepid gains and turn back below 0.9700 handle.
Currently trading at a fresh session low near 0.9680 region, the pair came under renewed selling pressure after failing to sustain its recovery move on Friday, closer to an important support turned resistance near 0.9745-50 region. The Swiss Franc seems to be benefitting from the prevalent risk-off sentiment in equity markets and renewed concerns over the economic implication of Brexit.
Traders now shift focus to SNB Governing Board Chairman Thomas Jordan's speech for fresh impetus. Later during NA session, the release of new home sales data from the US would be looked upon to grab some short-term trading opportunities.
Technical levels to watch
Immediate downside support is seen at 0.9660 area below which a fresh leg of weakness seems to drag the pair towards 0.9615 ahead of 0.9600 handle. On the flip side, recovery back above 0.9700 handle now seems to confront resistance near 0.9735 level, which is closely followed by a confluence resistance near 0.9750-55 region.
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