USD/CHF once again fails to conquer 0.9900 mark
|The USD/CHF pair continued with its struggle to sustain move above 0.9900 handle and has now retraced over 20-pips from session peak, turning negative for the second straight session.
Currently trading around 0.9885-90 band, the pair's initial up-move got sold into, confirming a strong supply near 0.9910-15 resistance area. Further downslide, however, was limited as the greenback remained underpinned by Hillary Clinton's win in the third and final US presidential debate, which now points to her eventual win at the upcoming US Presidential election in November.
Looking at the broader picture, the pair has been confined within 50-60 pips trading range and has been struggling to extend its recent bullish trajectory amid uncertainty over the timing of next Fed rate-hike action.
Focus now shifts to ECB monetary policy decision and subsequent press conference, which is expected to trigger a fresh bout of volatility in the FX market and might provide some impetus for the pair ahead of US economic data.
Technical levels to watch
On the upside, 0.9910-15 area remains immediate resistance above which the pair seems to immediately dart towards July month high resistance near 0.9950 area. On the downside, weakness below 0.9880 immediate support is likely to accelerate the slide towards 0.9860-55 intermediate support before the pair eventually drops to its next major support near 0.9820-15 area.
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