USD/CHF on the verge of breaking below 0.9900 handle

Haresh Menghani FXStreet

The offered tone around the USD/CHF pair seems to have gained momentum during early NA session and the pair dropped to a fresh weekly low level.

Currently trading at session low around 0.9905 region, spot prices extended Tuesday's reversal from parity mark amid ongoing profit-taking slide around the greenback. However, given market expectations of an eventual Fed rate-hike action before the end of this year, any corrective slide for the pair could be short-lived and the pair could resume with its near-term bullish traction.

Next in focus would be new home sales data from the US ahead of monthly durable goods orders on Thursday and Friday's quarterly GDP print, which would help investors to determine the pair's trajectory in the near-term.

Technical levels to watch

On a sustained break below 0.9900 handle, the pair seems to accelerate the slide towards 0.9860 important support, which if broken might negate near-term bullish bias and continue dragging the pair lower in the near-future. Meanwhile on the upside, 0.9940 level now seems to act as immediate hurdle above which the pair seems all set to head back towards parity mark.

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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