USD/CHF drops to a fresh session low ahead of SNB’s Jordan

Haresh Menghani FXStreet

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.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.9713

43% Bullish
57% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 0.9911

60% Bullish
10% Bearish
30% Sideways

Bias Bullish

1 Quarter

Avg Forecast 0.9933

50% Bullish
25% Bearish
25% Sideways

Bias Bullish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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